Ohio is commonly referred to as The Buckeye State due to the buckeye trees often found in the western part of the state. The buckeye name originated from the nuts on the trees resembling the eyes of deer. This varied and beautiful state has plenty to offer members of Ohio retirement communities.
For music buffs, the Rock and Roll Hall of Fame in Cleveland is full of interesting music centered memorabilia. Ohio is home to eight national parks so nature lovers have many options when it comes to exploring the state. The Ohio and Erie Canal, a canal constructed in the 1800s, is now a National Heritage Area & a great option for biking through the region. For sports enthusiasts, Ohio is home to professional sports teams including: Cleveland Indians and Cincinnati Reds (baseball), Cincinnati Bengals and Cleveland Browns (football), Cleveland Cavaliers (men’s basketball) Columbus Blue Jackets (hockey) and Columbus Crew (soccer).
For food lovers, the state has lots to offer. Members of Ohio retirement communities can sample several famous state foods including buckeye candy, Cincinnati chili, baby Swiss cheese, goetta and pierogies.
Ohio weather has a range of seasonal variety so members of Ohio retirement communities have something for everyone. The summers are warm with the average temperature during June through August around 80 degrees with high humidity. The winters are cold and snowy with January being the coldest month in Columbus.
Taxes in Ohio
The Ohio state sales tax is 5.75%. Coupled with average local sales tax of 1.42%, the combined total is 7.17%. Income is taxed in 5 brackets with income from $22,150- $44,250 taxed at 2.85%, from $44,250 – $88,450 the tax rate is 3.33%, income from $88,450 – $110,650 is 3.80%, $110,650 – $221,300 is 4.41%, and above $221,300 is 4.80%. Social Security is exempt from state income taxes.
Retirement Communities In Ohio
Continuing Care Retirement Communities (CCRC) and Lifecare Communities in Ohio offer seniors age 55+ a residence that allows them to be independent and active today but are also equipped to provide for their future healthcare needs.
Today’s seniors have many 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.
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Options for Retiring in Ohio
Continuing Care Retirement Communities (CCRCs) are sometimes referred to as Full Service Retirement Communities or Life Plan communities because 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.
Ohio CCRCs or Life Plan communities generally offer various accommodations including apartments, townhomes, and cottages. These communities often include communal 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 include swimming pools, a fitness center, golf courses, convenience stores, walking trails, gardens, beauty/barber shops, banking services and guest accommodations.
Regulating CCRCs In Ohio
Currently thirty-eight states regulate CCRCs through various state divisions such as financial services, insurance, 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 Ohio CCRCs are regulated by the Department of Insurance, all licensed Ohio Continuing Care Retirement Communities are required to file an Annual Disclosure Statement including a financial statement.
Selecting A CCRC In Ohio
Most CCRCs in Ohio 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.
- 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.
- Will, healthcare power of attorney, and durable power of attorney.
- Medicare and possibly a Medicare supplement policy, or a similar private-pay plan.
Entry Fee Requirements For Ohio CCRCs
Most CCRCs or Life Plan Communities in Ohio require an entry fee. There are several reasons this entry fee is required. 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.
>> See FREE detailed reports on Ohio life plan communities
Is An Ohio Life Plan Retirement Community Right For You?
A CCRC or Life Plan Community in Ohio might be a good fit for you or a loved one. Get detailed information on top-rated Life Plan communities in Ohio 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.
1 Bankrate.com
Updated September 2021