Next April you can significantly lower the taxes that you owe to the federal government. As a lifecare retirement community in PA, the IRS considers part of the entrance fee and part of the monthly fee to be pre-paid medical expenses. If you are like most residents, these expenses get added to other medical expenses (medicines, co-pays, etc.), and the amount that exceeds 7.5% of your adjusted gross income can be deducted. The monthly fee deduction is per resident, so if you are a couple, it’s times two!
Plus, there are no school, local or county taxes to pay. Now, that’s a real bonus!
To have a copy of our Cost Comparison Calculator mailed to your home, call us at (800) 642-2217.