Financial Benefits of Continuing Care
Another very important benefit you’ll enjoy by living at a PRS Continuing Care Retirement Community is that you may actually save money on health care services. That’s because when you move, you will:
- Receive on-campus health care services (i.e., Skilled Nursing Care) at below-market rates.
- Receive a certain number of “no charge” days of Skilled Nursing Services in the Health Care Center each year (these days are non-cumulative). This means that if you ever need temporary nursing services, as long as you retain your Independent or Assisted Living apartment, the only additional fees you’ll be charged during your “no charge” days relate to the cost of additional meals, medical supplies, doctor’s fees, and pharmaceuticals.
- Potentially save on your taxes, because the IRS may recognize a percentage of both the Entrance Fee and the Monthly Service Fee as a prepaid medical expense deduction. A portion of the Entrance Fee may be deductible for the year you move to the CCRC, and a portion of the Monthly Service Fee may be deductible each year, providing you with an annual medical deduction. Please contact a tax advisor about your specific situation.
