Savings Now, Good Health in the Future

If you’re looking for another reason to love the hassle-free lifestyle Ventana by Buckner offers, we have some timely information! The IRS allows residents of Life Care Continuing Care Retirement Communities (CCRC) to take a one-time deduction equal to a percentage of the non-refundable portion of their deposit. Residents also are allowed an annual deduction equal to a percentage of their total annual monthly fees paid each year. To summarize: When a CCRC offers residents the promise of access to on-site services in higher levels of care in exchange for a one-time deposit and monthly fees, the IRS views this as pre-payment of future expense for health care services. Read more