Commonly referred to as The First State or The Diamond State, Delaware is the second smallest state in the United States. Even though it is small in size it has plenty to offer members of Delaware retirement communities. Geographically, the state has two different regions: The Piedmont and the Atlantic Coastal Plain. The Piedmont region contains rolling hills and ridges whereas the Atlantic Coastal Plain is flat and sandy and encompasses the 25-mile coastline. Delaware also has just 3 counties: New Castle (Wilmington & Middletown), Kent (Dover) and Sussex (Rehoboth, Dewey, Bethany beaches, Fenwick Island and Lewes). Delaware’s location also makes it a convenient home base for traveling and exploring other close major cities.
Delaware retirement community members can enjoy numerous activities in the state. The Delaware Art Museum has been a staple in the Wilmington area for over 100 years. The state is host to the Clifford Brown Jazz Festival, an annual celebration & one of the largest on the East Coast. A Delaware food delicacy is scrapple but other local favorites include peaches, blue crabs and fried chicken (chicken is the state’s #1 agricultural export). Delaware does not have any professional sports teams but the state is home to Dover International Speedway. In operation since 1969, the Speedway hosts several major NASCAR events each year.
Members of Delaware retirement communities can take advantage of a temperate climate in the state. Mean yearly temperatures across Delaware can range from 54 degrees in northern New Castle County to around 58 degrees on the Atlantic coast in Southern Delaware.1 Snow isn’t common since the temperatures are usually too warm but the winters are still relatively cold. The average temperature in the summer months tends to be around 74 degrees with July being the warmest month of the year.
Taxes in Delaware
Delaware is a very friendly state for members of Delaware retirement communities. There is no state sales tax and social security is also exempt from taxation. Delaware assesses an income tax on residents in a range that starts at 2.2% for taxable income between $2,000 to $5,000 and goes up to 6.6% for taxable incomes of $60,000 and above. Delaware is also one of the lowest real estate property tax states at .57% and the median home value is $251,100.
Retirement Communities In Delaware
Continuing Care Retirement Communities (CCRC) and Lifecare Communities in Delaware offer seniors age 55+ a residence that allows them to be independent and active today but are equipped to provide for their future healthcare needs.
Today’s seniors have numerous retirement housing options. Deciding where to live is one of the most important and complex decisions one will make. Making these decisions while still healthy can help you avoid difficult and costly situations in the future.
Options for Retiring in Delaware
Continuing Care Retirement Communities (CCRCs) are sometimes referred to as Full Service Retirement Communities or Life Plan communities, they are the only type of retirement community that offer residents independent living when they enter the community with the security of having assisted living and/or skilled nursing care options on site.
Delaware CCRCs or Life Plan communities generally offer various accommodations including apartments, townhomes, and cottages. These communities often include common activity areas such as a restaurant-like dining room, a library, activity and craft rooms, an assisted living facility, and a nursing home. Other amenities often include swimming pools, a fitness center, golf courses, convenience stores, walking trails, gardens, beauty/barber shops, banking services and guest accommodations.
Regulating CCRCs In Delaware
Presently thirty-eight states regulate CCRCs through various state divisions such as insurance, financial services, aging or elder services, or social services. For those states that regulate CCRCs the mandatory requirements and degree of oversight vary drastically from one state to another. Because of the varying requirements vetting each community individually is the safest way to insure a community is in good standing.
In Delaware CCRCs are regulated by the Department of Insurance, all licensed Delaware Continuing Care Retirement Communities are required to file an Annual Disclosure Statement including a financial statement.
Selecting A CCRC In Delaware
Most CCRCs in Delaware have entrance requirements; they vary by location but may include some or all of the following:
Entry fee to cover the housing unit’s cost and other services and amenities, including contractually provided access to health care.
- The entry fee may also help keep monthly services fees lower than they might be at a comparable rental community.
- Assets and savings equal to a multiple of the entry fee. A typical range is between 2-4 times the entry fee, but this can vary.
- Minimum age requirements as allowed by the Housing for Older Persons Act.
- Medical reviews. Providers will often request medical records, talk with a prospective resident’s primary care physician, or request a health exam. The specific type of contract offered by the community will determine the degree of emphasis placed on this requirement.
- Medicare and possibly a Medicare supplement policy, or a similar private-pay plan.
- Will, healthcare power of attorney, and durable power of attorney.
- Monthly income equal to a multiple of the monthly service fee. The range is usually similar to that required for assets and savings.
Entry Fee Requirements For Delaware CCRCs
Most CCRCs or Life Plan Communities in Delaware require an entry fee. The entry fee is required for several reasons. First and foremost, it secures a resident’s contractual and priority access to the care they may need while living in the community. The money received from entry fees is also used to help pay down, or limit, the amount of debt required for development, expansion, or long-term capital projects, which keep the community attractive and competitive in the marketplace and also benefits current residents. A portion of the entry fee may go towards an endowment fund set up by the community. An endowment fund is used by many CCRCs- particularly non-profit providers- offer a financial assistance to help ensure that if a resident runs out of money due to a longer than average stay in the healthcare facility, or some other unforeseen circumstance, they will not be forced to leave the community.
Is A Delaware Life Plan Retirement Community Right For You?
A CCRC or Life Plan Community in Delaware might be a good fit for you or a loved one, you can get detailed information on top-rated Life Plan communities in Delaware by searching myLifeSite’s continuing care retirement community directory and proprietary database for helpful profile reports. For all the information you need and questions to ask as you begin contacting retirement communities directly myLifeSite is a one-stop resource. Our independent reports provide everything you need to make an informed decision including retirement community pricing, important contract details, healthcare aspects, and more.
Updated September 2021