Which Scenario Are You Designing For Your Future?

Author

Cypress Cove at HealthPark

Posted on

Sep 14, 2022

Book/Edition

Florida - Southwest

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Life Scenario #1:

Cypress Cove Residents David and Susan Smith moved to Cypress Cove while they are still very active to enjoy all the wonderful amenities, activities, and maintenance-free lifestyle. With even more time on their hands now to make new friends, stay fit, and try new hobbies, they continue to volunteer, golf and socialize with their best friends. One night David wakes up to use the bathroom and falls. Susan calls security and a nurse is there within minutes. Cypress Cove’s trained staff attend to David and comfort Susan until an ambulance arrives. 

Unfortunately, David requires surgery on his hip. Cypress Cove staff make all the arrangements for him to return to short-term rehabilitation in The Lodge, a five-star CMS rated healthcare facility on the Cypress Cove campus. (In fact, it’s under the same roof!) Susan receives regular communications on David’s condition and visits her husband every day – only a five-minute walk from their apartment. The staff even surprise the couple with cake, Champagne and balloons on their anniversary, tipped off by regular contact with their out-of-town family members. After his release, David and Susan walk the short distance to his prescribed physical therapy appointments in the Mead Therapy Center, adjacent to The Lodge. Thankfully, he has a speedy recovery.

Flash forward two years and Susan’s genetics are getting the best of her, despite the chef-prepared meals customized to her dietary needs and regular exercise. She is also experiencing cognitive decline. Fortunately, the Smiths have been using the medical clinic on campus for their primary care needs and the medical team has been in constant contact with them and their extended family, discussing options. When David begins to feel overwhelmed, they know the time has come for Susan to move to assisted living. 

David visits Susan daily. Again, just a short walk from their apartment. The group and individual activities and entertainment are a blast, just like they were in The Lodge, and David is always welcome. At some point David realizes he is also slowing down and doesn’t want the hassle of maintaining a car, with complimentary and affordable transportation options readily available. He is filled with relief that his beloved wife is well cared for, and he has the support he needs too. When he is ready, he joins Susan in assisted living. Their children, busy with careers and families of their own, have peace of mind knowing mom and dad are receiving the best care possible, surrounded by their Cypress Cove family.

Total annual cost $87,060

Life Scenario #2:

Bob and Alice Jones live in a beautiful 55+ community, thoroughly enjoying retirement and the benefits of their many years of hard work. The community claims to be maintenance-free but, in reality, it’s not 100% maintenance free. 

One night Bob wakes up to use the bathroom and falls. Alice calls 911. It is a very scary night! 

Unfortunately, Bob requires surgery on his hip. He is then sent to a rehab facility several miles away, which is very inconvenient for Alice. Upon release, Alice takes Bob to his physical therapy appointments three times a week, also several miles away IN SEASON! Bob recovers quickly but Alice is exhausted. 

Flash forward two years and Alice’s genetics are getting the best of her, despite their best attempts at healthy eating and regular exercise. She is also experiencing cognitive decline. The options for her care are overwhelming and grown children must take time away from work and their families to help Bob and Alice navigate the complexities of these important healthcare decisions. But good news! A new assisted living facility has just opened on the other side of town and still has openings. 

Bob visits Alice as often as he can, but he is feeling overwhelmed some days. Without his wife around to keep his social calendar busy and healthy meals at the ready, he feels isolated and falls into some bad habits. It’s not long before he joins Alice at the assisted living facility.

 Total annual cost up to $158,400

Living at Cypress Cove, a Life Plan community, means your monthly fee covers maintenance of your home, utilities, property taxes and the use of our convenient services and first-class amenities. Download our cost comparison worksheet at CypressCoveLiving.org/saving.

What is Life Care?

With Life Care, Assisted Living, Memory Care Assisted Living and Skilled Nursing services will be available to you should you ever need them—for one consistent monthly fee. It gives you the healthcare security and financial predictability you won’t get in a condo or gated community.

Ready to learn more? Call 239-429-0260.


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CCRC Tax Implications

In the U.S., Continuing Care Retirement Community (CCRC) fees are generally not fully tax-deductible. However, some portions of the fees might be, depending on how they are structured.Heres how it typically breaks down:1. Monthly Maintenance Fees:These fees usually cover services such as meals, housekeeping, maintenance, and security. These are typically not deductible as medical expenses.2. Medical or Health-Related Fees:If part of your CCRC fees goes toward medical care (for example, nursing care or rehabilitation services), that portion may be deductible as a medical expense. The IRS allows you to deduct medical expenses that exceed 7.5% of your adjusted gross income (AGI), but you need to keep detailed records to substantiate the medical portion of the fees.3. Entrance Fees:The upfront, lump-sum entrance fee or buy-in that you pay when you move into a CCRC is typically not deductible. However, if any part of the entrance fee is allocated for healthcare services, that part could potentially be deductible if it meets the criteria for medical expenses.4. Long-Term Care Insurance Premiums:If you are paying for long-term care insurance as part of your CCRC arrangement, those premiums may be deductible as a medical expense, depending on your age and the IRS guidelines for that year.To determine what part of the fees, if any, might be deductible, its a good idea to:Keep records of your payments and the breakdown of what they cover.Consult a tax professional who can guide you based on your specific situation and any changes to tax laws.Tax laws can vary, so its always best to get tailored advice.

Do CCRCs offer pickleball?

Yes, Continuing Care Retirement Communities (CCRCs) often offer pickleball as part of their recreational and wellness programs. CCRCs are designed to provide a range of care options, from independent living to assisted living, memory care, and skilled nursing, all within one community. Because many CCRCs prioritize the health and well-being of their residents, they often include amenities that encourage physical activity and social engagement, and pickleball fits that criteria perfectly.Heres why pickleball is commonly available in CCRCs:Active Lifestyle: Since many CCRCs cater to seniors who are still able to live independently or semi-independently, they tend to offer a variety of activities to keep residents active and engaged. Pickleball is especially popular in these communities because its easy on the joints, yet provides a great cardiovascular workout and promotes mobility.Wellness Focus: CCRCs usually have a strong focus on wellness and holistic health. This includes offering fitness programs, outdoor activities, and sports like pickleball, which encourage physical exercise and social interaction.Socialization: Pickleball is a great way for residents to meet others, socialize, and stay mentally sharp, which are important aspects of life in a CCRC.Adaptability: Many CCRCs have facilities that can adapt to various levels of physical ability. They may offer different levels of play, from casual matches to organized tournaments, and may even provide training or coaching for those new to the game.Some examples of CCRC amenities where pickleball is commonly offered include:Outdoor pickleball courts (sometimes shared with other recreational activities)Indoor courts for all-weather playPickleball leagues or tournaments for residents to compete or socializeTo find a CCRC that offers pickleball, its best to inquire directly with the community youre interested in to confirm what recreational activities they provide. Many larger, more upscale CCRCs are likely to have pickleball courts, given the popularity of the sport.For more information, please go to: www.seniorhousingsolutions.net 

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Cypress Cove is a premier life plan community that offers a blend of luxurious living and exceptional care. With beautifully landscaped grounds and state-of-the-art amenities, residents enjoy an enriching lifestyle marked by social activities, wellness programs, and gourmet culinary experiences. The community is designed to cater to diverse needs, from independent living to higher levels of care, ensuring peace of mind for our residents and their families. Plus, with a variety of spacious apartments and villas, youll find a home that fits your style and preferences. With maintenance-free living, you can simply move in, settle down, and indulge in the activities you love most. At Cypress Cove, relationships thrive and connections are fostered, creating a warm and welcoming environment where everyone feels at home. Ready to learn more or schedule a visit? Contact us today at 239-376-0006 or visit https://cypresscoveliving.org/. Join the Cypress Cove family and embark on a journey of exceptional senior living. We're committed to providing innovative solutions and superior care for older adults across Southwest Florida. 

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Cypress Cove is a premier life plan community that offers a blend of luxurious living and exceptional care. With beautifully landscaped grounds and state-of-the-art amenities, residents enjoy an enriching lifestyle marked by social activities, wellness programs, and gourmet culinary experiences. The community is designed to cater to diverse needs, from independent living to higher levels of care, ensuring peace of mind for our residents and their families. Plus, with a variety of spacious apartments and villas, youll find a home that fits your style and preferences. With maintenance-free living, you can simply move in, settle down, and indulge in the activities you love most. At Cypress Cove, relationships thrive and connections are fostered, creating a warm and welcoming environment where everyone feels at home. Ready to learn more or schedule a visit? Contact us today at 239-376-0006 or visit https://cypresscoveliving.org/. Join the Cypress Cove family and embark on a journey of exceptional senior living. We're committed to providing innovative solutions and superior care for older adults across Southwest Florida.