Retiring in Indiana
Indiana offers retirees many choices for small town and metropolitan living with the added appeal of low cost of living. Indiana’s famed “Hoosier Hospitality” makes this friendly state is a beautiful retirement option.
Indiana is a Midwestern state known for its farmland and renowned auto race, the Indianapolis 500. In the capital, Indianapolis, theaters, galleries and dining options abound. The city’s Downtown is home to the iconic Soldiers and Sailors Monument, the Canal Walk promenade and the Indianapolis Museum of Art. Not to be outdone by city living, Indiana loves its small towns; cities like Madison make national rankings, such as Midwest Living's "100 Best Small-Town Getaways." Towns like Corydon still have soda fountains; Greencastle, home of DePauw University, still has famed covered bridges. This is the part of the country where people wave, and you wave back.
Retirees in Indiana experience cold winters and warm, wet summers. The extreme southern portion of the state receives more precipitation than other parts of Indiana. In the middle of the winter, average high/low temperatures range from around 30 °F/15 °F (−1 °C/-10 °C) in the far north to 39 °F/22 °F (4 °C/-6 °C) in the far south. In the middle of summer there is generally a little less variation across the state, as average high/low temperatures range from around 84 °F/64 °F (29 °C/18 °C) in the far north to 90 °F/69 °F (32 °C/21 °C) in the far south.
Taxes in Indiana
The state of Indiana's income comes from four primary tax areas. Most state level income is from a sales tax of 7% and a flat state income tax of 3.3%. The state also collects an additional income tax for some counties. Indiana does not tax Social Security and deductions are provided to the elderly and handicapped. Residential property tax rates are capped at maximum of 1% of property value. Excise tax is charged on motor vehicles, alcohol, tobacco, gasoline, and certain other forms of movable property.
For Retirees in Indiana, deciding where to live is an important and complex decision. Planning ahead for the later stages of retirement can provide peace of mind for you and your loved ones and help you avoid making stressful and often difficult last minute decisions in the future.
For seniors age 55+ who want a residence that allows them to be independent and active today but are equipped to provide for their future healthcare needs, Life Plan Communities (CCRC) are a good option.
What is a Continuing Care Retirement Community?
CCRCs are sometimes referred to as Life Plan Communities or Lifecare Communities. CCRCs are the only type of retirement community that offer residents access to a full continuum of care; which usually includes independent living, skilled nursing care,and assisted living options.
Indiana Life care communities generally offer various accommodations including apartments, cottages, and townhomes. These communities include common activity areas such as a restaurant-like dining room, activity and craft rooms, a library, an assisted living facility, and a nursing home. Other amenities often include, golf courses, convenience stores, swimming pools, gardens, walking trails, a fitness center, beauty/barber shops, banking services and guest accommodations.
Regulating CCRCs In Indiana
Currently thirty-eight states regulate CCRCs through various state divisions such as insurance, financial services, aging or elder services, or social services1. The mandatory requirements and degree of oversight can vary dramatically from one state to another, while some states provide no regulation whatsoever.
The Indiana Securities Division regulates the offer and sale of Continuing Care agreements in the state. The same Act also establishes the Indiana Retirement Home Guaranty Fund, designed to protect the financial interests of Indiana citizens who enter into continuing care agreements with providers, should the provider declare bankruptcy.
Choosing a Life Plan Community In Indiana
Most Life Plan communities or CCRCs in Indiana have minimum entry requirements residents must meet, they vary by location but may include some or all of the following:
- Minimum age requirements as allowed by the Housing for Older Persons Act.
- Medical reviews. Providers will often request medical records, talk with a prospective resident’s primary care physician, or request a health exam. The specific type of contract offered by the community will determine the degree of emphasis placed on this requirement.
- Entry fee to cover the housing unit’s cost and other services and amenities, including contractually provided access to health care. The entry fee may also help keep monthly services fees lower than they might be at a comparable rental community.
- Assets and savings equal to a multiple of the entry fee. A typical range is between 2-4 times the entry fee, but this can vary.
- Medicare and possibly a Medicare supplement policy, or a similar private-pay plan
- Will, healthcare power of attorney, and durable power of attorney
- Monthly income equal to a multiple of the monthly service fee. The range is usually similar to that required for assets and savings.
Indiana CCRC Entry Fees
CCRCs or Life Plan communities in Indiana usually require an entry fee. Entry fees are important to CCRCs for three primary reasons. First and foremost, it secures a resident’s contractual and priority access to a continuum of care. In addition, the money received from entry fees is also used to help pay down, or limit, the amount of debt required for development, expansion, or long-term capital projects, which keep the community attractive and competitive in the marketplace. Finally, Some portion of the entry fee may go towards an endowment fund that allows CCRCs to offer financial assistance to residents. The endowment provides assistance in cases where a resident runs out of money due to a longer than average stay in the healthcare facility, or some other unforeseen circumstance, insuring they will not be forced to leave the community.
Senior Living Research In Indiana
If you feel a CCRC or Life Care community in Indiana might be a good fit for you or a loved one, you can get detailed information on top-rated retirement communities in Indiana by searching My LifeSite’s continuing care retirement community directory and proprietary database for helpful profile reports. My LifeSite will equip you with the senior living research you need and help you know what questions to ask when you contact retirement communities directly. Our independent reports provide everything you need to make an informed decision including retirement community pricing, important contract details, healthcare aspects, and more.