WHAT IS LIFE CARE?
WHAT IS A CONTINUING CARE RETIREMENT COMMUNITY (CCRC)?
Continuing Care Retirement Communities offer members the benefits of an independent living apartment within a vital and socially active community along with the covenant of Life Care and medical assistance if and when those services are needed.
As a full-service CCRC serving the Dallas/Fort Worth community, Ventana by Buckner provides the full continuum of healthcare services including Assisted Living, Memory Care Services, Skilled Nursing and Rehabilitation for those members whose circumstances require them.
HOW DOES A CCRC DIFFER FROM AN OWNERSHIP COMMUNITY?
CCRCs, like Ventana by Buckner, provide coverage for assisted living or skilled nursing care. In addition, ownership communities may not have a continuum of care that includes these higher levels of care conveniently available on the same campus as a CCRC would. Members (owners) are also responsible for the resale of their home in the ownership community and for payment of the monthly fee until their home is resold (even after they have moved out).
HOW DOES A CCRC DIFFER FROM A RENTAL COMMUNITY?
CCRCs are subject to more oversight and regulations than rental communities. And as a not for profit entity, at Ventana by Buckner, revenue after expenses are reinvested in the community, where they belong.
Another key difference in Texas is that your rights as a member of Ventana by Buckner are enforced by the state of Texas. The Texas Department of Insurance is charged with monitoring the financial solvency of these communities.
WHY IS THERE AN ENTRANCE DEPOSIT?
In order to provide both the level of residential and medical excellence members deserve and a financial model that is affordable and sustainable, a refundable entrance deposit has been determined to be the best option for all concerned.
Many members apply the proceeds from the sale of their home toward the entrance deposit. This entrance deposit model makes it possible for members to enjoy the benefits of CCRC living and the assurance of multiple levels of care in the future at predictable costs. Members enjoy knowing that at least 90 percent of their entrance fee will be returned to them, their children or their estate in the future.
WHAT ABOUT MONTHLY FEES?
The monthly fee is generally equal to or less than the monthly cost of living that members formerly paid in their homes before moving to Ventana, especially when one considers the cost of services, amenities and upkeep are included.
ARE THERE ANY TAX ADVANTAGES TO LIVING IN A CCRC?
Yes. Under current IRS guidelines, the non-refundable portion of your entrance deposit may be submitted as a pre-paid medical expense in the year you occupy your Ventana residence. Also, on an ongoing annual basis, a percentage of your total annual monthly fees paid is also eligible for the same tax benefit. That annual percentage varies and correlates the community’s annual health care operating expenses to the total operating expenses, and that percentage is communicated to all members annually by the community’s Executive Director. In some cases, the deduction may also apply to family members who have paid or contributed to an entrance deposit for a relative.
Tax laws are, of course, constantly evolving and always subject to interpretation, but recent legal precedents have been favorable for CCRC members who have sought to deduct portions of their deposits and fees. Of course you and your tax preparation professional should consult closely to determine the best strategy for your circumstances.
Ventana by Buckner, a Buckner Senior Living community, is a distinctive continuing care retirement community (CCRC) providing a full complement of services, amenities, and health and wellness programs. Serving Dallas/Fort Worth, Ventana is attracting members from Carrollton to Richardson, Irving to Plano and from points across the country. To secure your luxury apartment of choice, call us today.
