Commonly referred to as the Granite State, New Hampshire has much to offer members of New Hampshire retirement communities. The state ranks in the top 10 of safest places to live in the US and is also home to a variety of cultural and recreational experiences that appeal to many.
With a vibrant food scene, New Hampshire has plenty of options for residents of the state’s retirement communities. From farm to table restaurants to New England seafood, there is something for everyone. The state even has a unique and creative Ice Cream Trail with over 30 local ice cream stands provided by NH dairy farmers. Culturally, New Hampshire has a bustling arts and theater scene. There are numerous craft fairs, galleries and music venues to enjoy. Also in the summer, many playhouses across the state provide theater lovers an outdoor experience not to be missed.
Although, no professional sports teams are based in the state, there are plenty of other recreational activities for New Hampshire retirement community members to enjoy. If outdoor pursuits are of interest, the state is home to over 90 state parks including Mount Washington State Park, Bear Brook State Park and Miller State Park. From snow skiing, snowshoeing and cross-country skiing to snowmobiling and ice fishing in winter, New Hampshire has it all. During the summer months, retirees in New Hampshire can enjoy the numerous parks, hiking trails, golf courses and camping sites. There are 18 miles of shoreline on the Atlantic Ocean as well as numerous lakefront beaches.
The weather also has a little something for everyone. With an average of 68 inches of snow each year and an average January high temperature of 25 degrees in the northern part of the state, it has it’s share of winter weather. During the summer months the temperature in July averages around 80 degrees, with June, July and August being the warmest months.
Taxes in New Hampshire
New Hampshire does not collect a local or state sales tax nor does it have a state income tax. It also does not tax Social Security income. The state does tax interest and dividend income at 5.0% and it applies to residents earning interest and dividend income of more than $2,400 annually ($4,800 for joint filers).1 New Hampshire retirement community members can benefit from a $1,200 exemption for residents who are 65 or older. New Hampshire has a real estate property tax rate of 2.18% & the median home value is $261,700.
Retirement Communities In New Hampshire
Continuing Care Retirement Communities (CCRC) and Lifecare Communities in New Hampshire 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 many options when it comes to retirement housing. 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 New Hampshire
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.
New Hampshire CCRCs or Life Plan communities generally offer various accommodations including apartments, townhomes, and cottages. These communities usually 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 frequently include swimming pools, a fitness center, golf courses, convenience stores, walking trails, gardens, beauty/barber shops, banking services and guest accommodations.
Regulating CCRCs In New Hampshire
Currently thirty-eight states regulate CCRCs through various state divisions such as insurance, aging or elder services, financial 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 New Hampshire CCRCs are regulated by the Department of Insurance, all licensed New Hampshire Continuing Care Retirement Communities are required to file an Annual Disclosure Statement including a financial statement.
Selecting A CCRC In New Hampshire
Most CCRCs in New Hampshire 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.
- Monthly income equal to a multiple of the monthly service fee. The range is usually similar to that required for assets and savings.
- Will, healthcare power of attorney, and durable power of attorney.
- Medicare and possibly a Medicare supplement policy, or a similar private-pay plan.
- 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.
Entry Fee Requirements For New Hampshire CCRCs
Most CCRCs or Life Plan Communities in New Hampshire 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 New Hampshire Life Plan Retirement Community Right For You?
A CCRC or Life Plan Community in New Hampshire might be a good fit for you or a loved one. Visit our learn section and become equipped with important information and questions so you can make the best decision for your future.
1 Bankrate.com
Updated September 2021