Making the decision to move to a retirement community can bring wonderful changes to your lifestyle. But making that decision may bring lots of questions. To assist you, we’ve addressed some of the most commonly asked questions. Simply click on a question to view its answer.
I’m managing ok in my own home and am not sure I’m ready yet for a retirement community. Shouldn’t I wait until I need to move?
The best time to make a move to any retirement community, including Ginger Cove, is while you are active and in good health. Residing at Ginger Cove will free you completely from the worries and responsibilities of maintaining your own home, so you’ll have time to do the things you’ve always wanted to do. If you wait until you need assistance to make your move, you may miss out on many of the joys of an active retirement, and not medically qualify for admission.
What are the costs associated with residency?
Ginger Cove is an entrance fee community which offers qualified prospective residents the “Type A Life Care” plan or the “Type C Fee for Service” plan. Both provide for a 90% refund of the entrance fee. Entrance fees begin at $218,215 and monthly service fees begin at $3,482. There is an additional second person fee. If you would like more information, please contact the Marketing Office at 410-774-5012, or complete the form in the Contact Us section of our website and we will happy to help.
What is included in the monthly service fee?
The monthly fee includes the cost of your residence; one daily meal – lunch or dinner, your choice; expanded cable television service; wireless Internet service (Wi-Fi); interior and exterior maintenance; weekly housekeeping services, including flat laundry service; use of campus amenities; regularly scheduled local transportation; participation in community programs, activities and entertainment; an emergency call response; assisted living services and skilled nursing care; and 24-hour-a-day, on-site security. Real estate taxes and household utilities are also included, with the exception of your private telephone.
How do you help to protect my estate?
Ginger Cove’s Residency Agreement Return of Capital Plan, assures you that the financial estate you’ve worked hard to build will be protected. The plan provides for 90% of the original entrance fee to be returned to the resident or the resident’s estate, per the Residency Agreement.
*Carefully read the Residency Care Agreement for the conditions that must be satisfied before Ginger Cove is required to pay the entrance fee refund.
What is life-care?
Lifecare means you have the freedom to pursue the retirement you want because you have already planned for your future healthcare needs. As a Ginger Cove resident, your Residency Agreement guarantees you priority access to on-site assisted living and skilled nursing care services, should you ever need them. The life care plan gives you a predictable monthly payment regardless of your level of care and greatly reduces concerns about future health care costs, protecting you from potentially devastating demands on your assets. In-home assistance is also available for an additional fee.
Making this choice now assures that, should you need it, you’ll receive professional, quality care in the environment of your choosing, relieving children or other relatives the difficulty of making care decisions in a time of crisis. You can also benefit from a healthy focus on wellness and gain access to on-site programs and activities, preventive care and 24-hour emergency response.
Are there tax advantages to living at Ginger Cove?
A portion of monthly service fees and entrance fees are considered medical expenses, which are deductible for income tax purposes in conformance with IRS regulations about medical expense deductions.
What is the significance of CARF International accreditation?
Many financial advisors recommend their clients look for the CARF International accreditation when choosing a retirement community. Accreditation is a simple way by which one can evaluate the many retirement living options available. Widely regarded as the mark of quality in retirement communities, CARF International accreditation assures you that the community is committed to ongoing organizational excellence, sound financial reserves and conformance to high-quality standards.
Only 16% of retirement communities nationwide achieve this prestigious accreditation and Ginger Cove is proud to have earned it since 2001. We are the only CCRC in Anne Arundel County to have accreditation by CARF International.
Do residents need to carry homeowner’s insurance?
While Ginger Cove ensures the buildings and grounds, you will need to obtain an insurance policy to ensure personal property and liability coverage.