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The concept appeals to Sara Klemmer, who has lived at Charlotte`s Plaza Midwood for 31 years. Her husband died 11 years ago. Klemmer is now in his early 70s and active. She loves her neighborhood and doesn`t want to leave it. But she also doesn`t want to continue to take care of her home or have to move from one senior care facility to another if she needs more care in the future. One question to consider is what part, if any, of an entrance fee would be refunded to a resident who decides to terminate and leave their contract – or to the estate of a deceased resident. For example, a contract may provide for a retrograde partial repayment during the first years of the agreement. Some contracts come with a 50% or 90% refund clause. The SmartAsset website, using census data, reports that North Carolina was the third most popular destination for retirees moving to a new state in 2016. South Carolina finished fourth. The National Investment Center for Seniors Housing and Care reports that since the beginning of 2015, 872 new units in independent residential and care communities in the Charlotte metropolitan area have gone live.

Aldersgate completes an $85 million expansion. And on the other side of town, Southminster`s continuing care community is also expanding and renovating $120 million. „There`s a lot of demand,” says Stewart Wiley, Southminster`s director of sales and marketing. „You see it visually in the number of communities that are being built or in the expansions that are taking place. Retirement costs can add up quickly, even with careful planning. Our financial model secures your future and makes managing your budget easy and predictable. The financial guarantee provided at Windsor Run extends beyond the entry deposit and includes the monthly service package. This covers the cost of all utilities except the phone, all major repairs, 24-hour security, flexible meal plan, secure Wi-Fi, and cable TV. It also includes several amenities that are not available if you live in a home, including home and seasonal care, professional landscaping, pest control, garbage collection, garden maintenance, health and fitness facilities, home insurance, and property taxes. „It`s about assigning who will have the risk of the future cost of health care,” Maag said. Older adults should also understand how future decisions about their health needs would be made, Paulis told an independent accreditation commission known as CARF. For example, Paulis says, „What happens when you need care? Who makes the decision about the transition to a higher level of care? So Klemmer launched his home and plans to move into a brand new unit in Aldersgate, a care community in East Charlotte, in December.

„If I get sick, there`s a place where I can recover,” Klemmer said. Most seniors` housing options fall into two categories: 1) independent living and 2) continuing care. In general, independent living is for people who are healthy and able to live alone. Continuing care is for people who need support for daily tasks or more comprehensive care. If your spouse needs additional care but you don`t, we`ll work with you to determine a life situation that`s right for both of you. And then there`s the monthly fee to live in a host community. They cover the accommodation itself, maintenance and usually at least some meals and services such as housekeeping and transportation. In the Charlotte area, monthly fees range from about $2,000 to nearly $5,000.

For Sara Klemmer, the decision, the neighborhood she loves, makes financial and logical sense, but she still says it was emotionally „exhausting.” And the idea of joining a continuous host community is also a psychological adjustment. „Typically, the entry market ranges from small six-figure amounts — $150,000 to $180,000 — to several hundred thousand dollars,” said Steven Maag, who works at Leading Age, an association that represents older caregivers. Variables that affect the level of admission include the size of the housing unit and the services offered by the CCRC. This trend is leading to an ever-increasing demand for elderly and community care services. Some retirees opt for a continuing care community that provides lifelong care as the age and health care needs of residents change. If the time comes when you are no longer able to live alone, you can make the transition to on-site training in the summer of 2021. Such developments are multiplying in the Charlotte area. Seniors and their families considering this option need to understand not only the benefits, but also the financial and other conditions to join a continuing care community. Entrance fees may be non-refundable or partially refundable, with the conditions set out in the resident`s contract.

Experts point out that consumers should carefully review a CPAB contract before signing it and ask an accountant or lawyer to do the same to ensure the financial terms are understood. As the wave of baby boomers in this country continues to retire, more and more seniors will reflect on these realities. Many will also face difficult decisions about what kind of elderly care environment suits their preferences and budget. A continuing care retirement community, also known as CPAB, offers independent living as well as additional levels of on-site health care in case you need it. With CPAB, you can enjoy an active life today while planning for the future with peace of mind. If you opt for our 90% refundable entry deposit, this one-time entry deposit will secure your building and will be refunded to you or your beneficiaries at 90% when you leave the municipality. You can also access this money to pay for eligible care expenses. We have written down our promises. Please ask for our accommodation and care agreement. New residents sign a contract with the continuing care provider. In some cases, residents pay a higher entrance fee in exchange for guaranteed stability in monthly fees, even if more medical care is needed later.

Other contracts have lower entry fees, but monthly fees increase as health needs increase. If there are concerns about your ability to live independently, a member of our staff will meet with you and your family to discuss your options. You may be entitled to care in your apartment building, or it may be recommended to move to a higher level of care. Erickson also plans to build assisted living facilities, skilled nursing facilities and memory care facilities in Windsor Run, creating a Continuing Care Retirement Community (CPAC). In addition to a full range of treatments, many such communities offer a range of amenities such as swimming pools and banking services. Such developments also require high upfront payments, called entrance fees. With the exception of services funded by Medicare or Medicaid, continuing care communities are not regulated by the federal government. Most states offer some oversight. The North Carolina Department of Insurance issues licenses to suppliers and requires them to file an annual return containing financial information. In late 2017, for example, the community of Southminster in Charlotte reported a cash balance of just under $1.3 million. For more information on the financial value of moving to Windsor Run, visit or call 1-800-649-6810.

The views expressed in this article are those of the author. Want to post on Patch? Create a user account. This unique deposit guarantees your independent home as long as you live here. Choose from two unique options. With our traditional 90% refundable entry deposit, all but 10% of your deposit will be refunded to you or your heirs when you leave the community. The non-refundable option allows you to secure your building at a lower entry deposit, making Windsor Run an even cheaper choice. With an independent life, you can continue to live your life on your own terms. You are free to come and go from the community as you wish and participate in as many or as few activities as you wish.

Serviced residences are available on site. Thanks to Erickson Living`s strong financial record and the certainty that comes with a financially sound investment, Windsor Run`s sales office is busy every day meeting people interested in a future in the coveted community. The monthly service package is usually adjusted each year to reflect labor, food, and energy costs. If you let us know in advance, we will be happy to keep an eye on your home and even arrange your transportation to the airport or train station. „I expected to be brought here [their Plaza Midwood house] in a box,” Klemmer adds. „But now they take me out in a box.” The monthly service package includes most of your regular expenses such as utilities, property taxes, standard maintenance, and even some meals. As more baby boomers reach retirement age and more retirees choose North Carolina as their destination, the state`s population is growing with residents aged 65 and older. The number increased by 335,000 between 2010 and 2016, according to U.S. Census Bureau data reported by the Carolina Population Center at the University of North Carolina.

In addition, „there could be fees that you would lose,” says Hillary Kaylor of the Centralina Area Agency on Aging. .