Moved into CCRC today

[nwsteve]

We have been in a Type A, CCRC for 4 tax years and have averaged 32-35% of monthly fees being deductible. Move in year there was also a substantial deduction of move-in "purchase price"

 

[harllee]

We have been in a Type A, CCRC for 4 tax years and have averaged 32-35% of monthly fees being deductible. Move in year there was also a substantial deduction of move-in "purchase price"

Have you been able to itemize every year?

 

[nwsteve]

Have you been able to itemize every year?

Yep. As others have said, be sure you don't overlook all your other medical, for example healthcare insurances which btw includes the SS deductions as well as your supplemental. You will be amazed how large the total is when you add up all the dental, insurances to various parties, mileage, etc etc.
We also have a big dental bill to add one you me, next year spouse--things like root canals , implants etc.as well as the usual maintenance items.

 

[Koolau]

We've never been able to deduct medical due to the limits, but we do deduct LTCi premiums. I don't recall ever NOT using deductions instead of standard deduction - even as the amount of standard has risen dramatically.


Great that harllee can deduct a bunch from her CCRC payments! Win:Win

 

[Happyretired]

Looking ahead do you think the monthly fees will generate enough to make itemizing larger than the standard deduction ?

Based on our income, I doubt we will ever be able to take any of this. Perhaps, in the year of move-in, but doubtful of being able to take yearly amount. You can only take anything over 7.5% of AGI as a medical expense. Then you take this figure and add to other itemized deductions. This figure would have to be over $29,200 (standard deduction for 2024) to benefit in favor of not taking the standard deduction. Not sure what the average income of a CCRC resident is, but my guess is it's pretty high.

 

[youbet]

We've never been able to deduct medical due to the limits, but we do deduct LTCi premiums.

I thought LTCi premiums were part of medical expenses........ Do I have that wrong? I don't pay LTCi premiums, so haven't dealt with it.

 

[Happyretired]

I thought LTCi premiums were part of medical expenses........ Do I have that wrong? I don't pay LTCi premiums, so haven't dealt with it.

Yes, LTCi would be considered part of medical expenses.

 

[Koolau]

I thought LTCi premiums were part of medical expenses........ Do I have that wrong? I don't pay LTCi premiums, so haven't dealt with it.

Yes, LTCi would be considered part of medical expenses.

I don't know anything about taxes. I turn all the data into the CPA and she puts it into the 1040 and its various schedules. I think I recall the amount for LTCi being deductible on some schedule or maybe even the 1040. Too lazy to whip out my last 1040, but that's what I remember. BUT, I've been wrong before. YMMV

 

[harllee]

OP here, we did a fun thing at the CCRC today. There was a "Centennial Party" to honor all resident that are age 100 or more. There are 7 of them --3 men and 4 women. 4 of the honorees were able to attend the party. We had champagne, appetizers, a cake, music and dancing and people got up and spoke about the honorees. The 4 who attended were in amazingly great shape. 3 of them still live in independent living. I understand they do this party every year.

 

[pacergal]

What a fun way to honor them.

My DGM lived to 100, in her own apartment, with a family friend and a neighbor checking in and helping.

 

[braumeister]

When I was touring a CCRC I was considering, I was taken through a hallway lined with photos of the centenarians who have lived there. My guide said "Take a look at these and see if you can figure out the bad news."

I scanned the wall and immediately noticed that they were 90% female. Made me stop and think for a moment. Oh, well.

 

[REWahoo]

When I was touring a CCRC I was considering, I was taken through a hallway lined with photos of the centenarians who have lived there. My guide said "Take a look at these and see if you can figure out the bad news."

I scanned the wall and immediately noticed that they were 90% female. Made me stop and think for a moment. Oh, well.

I'm hoping the reason is that old men are more reluctant to have their photos taken than old women, but that's just a guess.

 

[braumeister]

I'm hoping the reason is that old men are more reluctant to have their photos taken than old women, but that's just a guess.

I like the way you think.

 

[SecondCor521]

I'm hoping the reason is that old men are more reluctant to have their photos taken than old women, but that's just a guess.

Old overweight men are particularly camera shy it seems.

 

[Koolau]

OP here, we did a fun thing at the CCRC today. There was a "Centennial Party" to honor all resident that are age 100 or more. There are 7 of them --3 men and 4 women. 4 of the honorees were able to attend the party. We had champagne, appetizers, a cake, music and dancing and people got up and spoke about the honorees. The 4 who attended were in amazingly great shape. 3 of them still live in independent living. I understand they do this party every year.

I'd never been to a 100th party before moving to the Islands. Here's it's not that uncommon for folks to live to 100 - even men! Not planning on it myself, but you never know.

 

[explanade]

Saw a headline about some Senators confronting people about assisted-living deaths.

 

[braumeister]

Saw a headline about some Senators confronting people about assisted-living deaths.

In the running for most irrelevant and off-topic post of the day, but maybe you want to tell us what it's about and why you think this is pertinent?

 

[explanade]

CCRCs don't offer assisted living services?

 

[SecondCor521]

CCRCs don't offer assisted living services?

Of course they do...? I'm confused.

 

[Koolau]

Saw a headline about some Senators confronting people about assisted-living deaths.

In the running for most irrelevant and off-topic post of the day, but maybe you want to tell us what it's about and why you think this is pertinent?

Senators!


What do you expect?


Returning you now...

 

[explanade]

Sounds like some assisted living fatalities have raised questions about how they're run.

So CCRCs could be implicated?

Or are CCRCs just hunky dory?

 

[Aerides]

Sounds like some assisted living fatalities have raised questions about how they're run.

So CCRCs could be implicated?

Or are CCRCs just hunky dory?

Still not sure what you are referring to - perhaps a solidly reported link would help?

 

[explanade]

Still not sure what you are referring to - perhaps a solidly reported link would help?

The U.S. assisted-living industry faced scrutiny Thursday from a bipartisan group of lawmakers who pressed for answers about low staffing, high costs, and a lack of transparency surrounding poor care and the preventable deaths of elderly people with dementia walking away unnoticed from facilities — an all-too-common tragedy revealed by a Washington Post investigation last month.

The federal government does not oversee the industry.

The chairman of the Senate Special Committee on Aging, Sen. Bob Casey (D-Pa.), called Thursday’s hearing citing The Post’s reporting. He said deliberations about potential federal regulations will continue and asked the public to send stories of costs and care to help inform the committee. Casey said Thursday’s hearing — which included testimony from an advocate, an industry representative and a loved one who called the committee to report bad care — was the start of the biggest review of assisted living by the Senate in 20 years.

“Unfortunately, what I heard today makes clear that we have a long way to go when it comes to guaranteeing the level of care that older Americans in assisted-living facilities deserve,” Casey said in a statement after the hearing.

The Senate Special Committee on Aging held a hearing on Jan. 25, following a Post investigation detailing nearly 100 walkaway deaths across the country. (Video: Senate Special Committee on Aging)

Richard J. Mollot, executive director of the Long Term Care Community Coalition, testified that consumers can’t be assured they will get quality care without national standards. “It is time for [federal regulation] … so that when someone accesses dementia care, it means something, it’s not just a term of art,” he said.

https://www.washingtonpost.com/business/2024/01/25/assisted-living-memory-care-death/

 

[Walt34]

A most excellent summary. Thank you.

 

[Koolau]

Yes, thanks.


I suspect the issue is not with actual (by the book definition) "Assisted Living" but more along the lines of CCRCs or similar care facilities. When we looked into AL, it was pretty much like renting an apartment in which meals were served, some services were available for purchase, etc. Some AL's DID do "bed checks" (not really - they made sure folks were still alive or well, etc. on a schedule.) AL residents are more or less free to come and go as they please, so "wandering away" shouldn't be an issue at an AL but IS a big issue in more constrained care.

Glad someone is looking into the issue. It sounds like regulation needs a bit of tweaking at this point but YMMV.