12 Frequently Asked Questions on the Financial Affordability of Living at a Judson Retirement Community

Many people considering a move to a retirement community question whether or not they can afford it. Below we’ve summarized the most frequent questions prospective residents ask about the financial affordability of living at a Judson retirement community.

1. How can I determine whether I can afford live at a Judson community?

We offer a free, no-obligation, comprehensive and confidential financial screening analysis that takes into account your personal situation and provides you with a snapshot of your financial future should you decide to live at Judson. Information utilized in the analysis includes:

  • Age/actuarial life expectancy
  • Gender
  • Assets
  • Investments
  • Pension-401K/IRA/other Income
  • Expenses

2. Is there access to comprehensive healthcare services if I live in independent living at Judson?

Yes. Even though you live without assistance, you have immediate access to nursing and therapy services following surgery or any health-related change. Services can be provided in assisted living, long-term care nursing or in short-term rehabilitation, right on campus. See how one of our residents recently benefited from these services.

In addition, in-home care is available through the Judson at Home program. Everything you need, when you need it, is at your fingertips.

3. How do the fees work?

Upon move in, residents pay a one-time entry fee and an ongoing monthly service fee. The fee varies based on the residence chosen and whether it is occupied as a single person or a couple.

There are two entry fee options:

  • Entry fee that is 75% guaranteed refundable
  • A non-guaranteed refundable entry fee that is amortized over six years (available for certain specific units.)

4. How does the 75% refund work?

Upon leaving the community, 75% of the up-front entry fee will be refunded to you or your estate, based on the terms of your contract.

5. What happens to the other 25% of the entry fee I paid under the 75% refund option?

If you live in the community for less than six years, you will also be refunded a portion of the other 25% of the entry fee you paid.

6. What is the starting entry fee?

Entry fees start at $75,000 for one person at Judson Park and Judson Manor and $231,000 at South Franklin Circle.

[sc name=”Price Inquiry”]

7. What are the benefits of choosing a retirement community and paying an entry fee?

The benefits (financial and otherwise) attached to living at a continuing care retirement community are innumerous. With tangibles like healthcare and tax benefits and intangibles like lifestyle and a strong sense of community, we could go on for hours. To qualify a few of the more prominent financial benefits:

  • You have access to a full continuum of healthcare services should you need it
  • Lifetime discounts on healthcare services that you utilize
  • Tax benefits (see below)
  • Estate preservation
  • The benefit of community and the support and peace of mind that comes with it
  • You are eligible for 10 Free Health Care days per year after the first year of residency

8. What is the starting monthly fee?

The monthly fee starts at $2,301 for one person at Judson Park

The monthly fee starts at $2,882 for one person at Judson Manor.

The monthly fee at South Franklin Circle starts at $3,039 for one person.

9. What is included in the monthly fee?

Services included in the fee:

  • Housekeeping service
  • Linen service
  • Utilities including:
    • basic cable television
    • heat/air conditioning
    • water
    • electricity
    • high-speed internet service (South Franklin Circle only)
  • Monthly Dining allowance with different dining venues
  • Scheduled transportation services to local trips and appointments, no charge; additional personal transportation is available for for a small fee
  • All maintenance, Including:
    • Building and home repairs (routine and major)
    • Grounds keeping/landscaping
    • Snow removal
    • Trash removal
  • Entertainment/recreational/educational programs and events
  • Lifetime membership to the Health & Wellness Programming including:
    • Fitness classes and instruction
    • Warm water pool, hot tub, sauna
    • Fitness Center
  • 24-hour personal emergency call system
  • 24-hour security
  • Property taxes and property insurance
  • For Judson Park and Judson Manor residents: 10 days per year of free, temporary care at assisted living or Judson Health Center after the first year of residency.
  • For South Franklin Circle residents: 10 days per year of free, temporary care at Crane House Health Center after the first year of residency.

10. Are there any tax benefits in moving to a Judson community?

Yes! Depending on your particular circumstances, you may be entitled to a medical expense deduction on your 2016 federal income tax return for a portion of the entry fee and monthly service fees paid to Judson during 2016.

In Private Letter Rulings issued by the Internal Revenue Service, residents of similar facilities were entitled to deduct a portion of their entry fees and monthly service fees as a medical expense deduction on their federal income tax return.  We believe medical deductions may be based upon a one-time portion of the entry fee or monthly portion of independent living fees if the one-time deduction was not taken. Recent entry fee amounts approximated $40,000 and monthly amounts approximated $600.

The ability to take a deduction is specific to each individual, and individuals need to utilize their accountant to determine specific circumstances.

11. What if I just started the process, am I able to have the financial analysis done with no obligation?

Yes! The financial analysis can be done at any time in the process. It is considered a helpful tool in assisting you with planning for a smart financial future and peace of mind.

12. What company are Judson’s communities affiliated with?

Judson Services, Inc., a not-for-profit organization based in Cleveland that has been providing living options for older adults for over 100 years.  Judson operates Judson Park in Cleveland Heights, Judson Manor in University Circle and South Franklin Circle in Chagrin Falls.  Judson’s reputation for providing quality healthcare services is unsurpassed.

Want to learn more? – Contact us today! 

© Copyright 2021 Judson Services, Inc. Judson Smart Living® is a registered trademark Privacy Policy Sitemap