Maryland is an appealing place to retire. Maryland is a Mid-Atlantic state that’s defined by its abundant waterways and coastlines on the Chesapeake Bay and Atlantic. With its close proximity to Washington, D.C., and a highly diversified economy spanning manufacturing, services, and biotechnology, Maryland has the highest median household income of any state.
Retiring in Maryland offers a variety of topography, contributing to its nickname America in Miniature. The landscape in Maryland ranges from sandy dunes dotted with seagrass in the east, to low marshlands teeming with wildlife and large bald cypress near the Chesapeake Bay, to gently rolling hills of oak forests in the Piedmont Region, and pine groves in the mountains to the west. There are many popular attractions for retirees in Maryland, including Fort McHenry and the National Aquarium in Baltimore; sailing, history and the naval academy in Annapolis; and civil war historic sites, beaches, golf, and fishing throughout the state. Maryland is also home to the NFL Baltimore Ravens and the MLB Orioles.
Retirees in Maryland enjoy 4 distinct seasons. Maryland has a wide array of climates, due to local variances in elevation, proximity to water, and protection from colder weather due to downslope winds. The eastern half of Maryland lies on the Atlantic Coastal Plain, with hot, humid summers and a short, mild to cool winter. The Piedmont region, including Baltimore, has average seasonal snowfall totals generally exceeding 20 inches, temperatures below 10 °F are less rare.
Taxes in Maryland
Maryland’s personal income tax system has eight brackets, with rates ranging from 2 percent to 5.75 percent. If you are 65 or older or totally disabled (or your spouse is totally disabled), you may be able to subtract some of your taxable pension and retirement annuity income. Maryland’s maximum pension exclusion is $29,000. Baltimore and Maryland’s 23 counties also levy local “piggyback” income taxes Maryland’s state sales tax is 6 percent, there are no general local sales taxes in Maryland. All real property in Maryland is subject to the property tax.
Continuing Care Retirement Communities in Maryland
Retirees have many housing options, deciding where to live is one of the most important and complex decisions facing older adults today. Making decisions about where you will live and a plan for aging can help you and your loved ones avoid costly situations in the future.
For older adults who want to live independently while having access to facilities that are equipped to provide for their future healthcare needs, Life Plan or Continuing Care Retirement Communities (CCRC) are a good option.
Maryland Retirement Options
Life Plan Communities, also known as CCRCs or Full Service Retirement Communities, are the only type of retirement community that offer residents access to a full continuum of care. Life Plan communities usually include independent living, assisted living, memory care and/or skilled nursing care options. To meet the Code of Virginia’s definition for a CCRC, a CCRC must provide board (meals), lodging or shelter, and access to nursing services.
Life Plan communities are generally a collection of cottages, townhomes, and apartments or residential independent group living units and include an assisted living facility, a nursing home, common activity areas such as a restaurant-like dining room, activity and craft rooms, and a library. Other amenities often include golf courses, swimming pools, banking services, convenience stores, a fitness center, walking trails, gardens, beauty/barber shops, and guest accommodations.
CCRC Regulation in Maryland
CCRCs or Life Plan communities, are regulated through various state divisions such as insurance, financial services, aging or elder services, or social services. Maryland is one of thirty eight states that currently regulate CCRCs. For states that regulate CCRCs the mandatory requirements and degree of oversight vary dramatically from one state to another.
The Maryland Department of Aging regulates the providers of continuing care The CCRC contract is known as a continuing care agreement, and its content is regulated by the continuing care law. The continuing care agreement outlines the responsibilities of the provider and the resident with regard to continuing care. The agreements are legal contracts between the provider and that resident. Because only a portion of the content of continuing care agreements is prescribed by the law, much of the content of continuing care agreements varies from community to community.
CCRC Requirements in Maryland
Entrance requirements for CCRCs in Maryland vary by location but may include some or all of the following:
- 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.
- Monthly income equal to a multiple of the monthly service fee. The range is usually similar to that required for assets and savings.Minimum age requirements as allowed by the Housing for Older Persons Act. [Link]
- 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.
- Medicare and possibly a Medicare supplement policy, or a similar private-pay plan
- Will, healthcare power of attorney, and durable power of attorney.
Life Plan Entry Fee Requirements in Maryland
Most Life Plan communities in Maryland require an entry fee, the entry fee several purposes. First and foremost, it secures a resident’s contractual and priority access to a continuum of care. Additionally, 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, many CCRCs- particularly non-profit providers- offer a financial assistance or endowment fund to help ensure that if a resident runs out of money due to a longer than average stay in the healthcare facility, or some other unforeseen circumstance, they will not be forced to leave the community. Some portion of the entry fee may go towards this endowment fund.
Learn More About CCRCs in Maryland
If a Maryland CCRC or Lifecare Community seems like a good fit for you or a loved one, My LifeSite can equip you wit the information you need to find a community that meets your needs. Find detailed information on top-rated CCRCs and Lifecare communities in Maryland by searching our continuing care retirement community directory and proprietary database for helpful profile reports. My Life Site’s independent reports provide everything you need to make an informed decision including retirement community pricing, important contract details, healthcare aspects, and more.