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The Hidden Tax Benefits of a Life Care Community

Apr 16, 2020

As seniors age, many are very concerned about protecting their assets, preserving their finances and ensuring they have adequate money to live on and pass to their estate. This focus on finances makes a great deal of sense, however, it also holds many back from living a lifestyle they deserve while taking advantage of an array of services and programming that could further enhance their lives.

Lynda Marino, Marketing Director at Canterbury Woods Williamsville, a Life Care Community in Williamsville, NY, says that many seniors hope to forego a move to a community setting because they are concerned about the costs. “We often hear that they don’t want to waste or lose the money they’ve invested and saved,” Lynda states, “but what they don’t realize is that they don’t have to. In fact, while many seniors are shocked at the initial cost of moving, paying the entrance fee and then paying a monthly fee, they fail to realize that over time, the costs of remaining at home may be the same or even greater.”

“From the services and amenities to the engaging programming, opportunities for socialization to lifelong learning, worry- and maintenance-free lifestyle and peace of mind of health care, moving to a Life Care Community is truly an investment in their future as well as a way to manage the cost of future care”

The Benefits of Life Care: Lifestyle, Health Care and Taxes

When considering the future costs, especially in regards to health care, many seniors begin to come around and consider the wide array of benefits. For some seniors however, it’s hearing that there are potential tax benefits that will make them change their minds. Consider some of the many hidden tax benefits that seniors who move to a Life Care Community can enjoy.

  1. Monthly fees may be deductible as a medical expense – Because Life Care Communities offer health care, if you itemize your taxes you may be able to deduct a portion as a medical expense. This can vary, so talk to a tax professional to see how much you may be able to deduct and when.
  2. Entry fees are deductible– During the first year in a Life Care Community, your entry fee is often deductible because it counts as a medical expense and a pre-payment on the cost of future care.
  3. Many services may also count as medical expenses – From health insurance and Medicare premiums to long-term care insurance premiums, prescriptions and so much more, you may be able to deduct these services for your tax benefit, according to this article.

At Canterbury Woods Williamsville, we know that considering a move to a Life Care Community can be a difficult decision, but the benefits far outweigh the worries of future health care costs, compromising on your lifestyle and so much more. We would be happy to talk to you about how we can help make your decision easier as well as outline how we can help you make the most of your tax benefits.

Call today to schedule your tour and discover the lifestyle you deserve.

Experience the Freedom to Create Your Ideal Lifestyle

At Canterbury Woods Williamsville, seniors can have everything they want and more in one location. Don’t spend your days worrying about housekeeping, maintenance and laundry. Let us take care of that for you. With first-class health care and a lifestyle free from worries, you can experience a lifestyle that’s all about choice and convenience.

For more information about the lifestyle at Canterbury Woods Williamsville, or to learn more about how we can create the life you’ve always dreamed of, contact us today. We’d be happy to help you live the life you desire – exactly the way you choose.

Find Your Fulfillment

Canterbury Woods Williamsville is a Continuing Care Retirement Community like you’ve never seen. Canterbury Woods Williamsville is not only close the perfect location for rest and relaxation, thanks to 62 tranquil acres, but there’s also easy access to Buffalo’s urban location. Offering the highest quality lifestyle and security, you’ll be part of a welcoming community consisting of both friends and neighbors while experiencing gracious living, first-class health care and the freedom to create the lifestyle you desire.

Continuum of Care

As a Continuing Care Retirement Community (CCRC), Canterbury Woods Communities provide a comfortable environment and first-rate services to support every level of need. Assisted living apartments allow Williamsville residents to benefit from additional support while maintaining their independent lifestyle. If skilled nursing, rehabilitation or memory care is ever needed, residents can experience the support they require. They can also enjoy all this and more at our sister community in Buffalo. 

Contact us today to discover more about Canterbury Woods Williamsville! (716) 427-6928

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