Tryon Estates Pricing

A Continuing Care Retirement Community (CCRC) entrance fee is an upfront payment made by residents when they join the community. This fee, often amounting to several hundred thousand dollars, is primarily intended to prepay in part for future healthcare needs at current costs. This helps mitigate the impact of inflation in the future. Additionally, the entrance fee secures a place for the residents within the community and serves as an investment in their future care. It helps offset the cost of more intensive care, such as assisted living or skilled nursing, if those services are needed later.

In essence, residents move in while they are still fully independent and can enjoy the community's amenities. If they require a higher level of care, such as assisted living, that care is provided on-site without a direct increase in their monthly fee. This arrangement allows residents to prepay much of their long-term healthcare at today's rates, protecting against future inflation and financial uncertainty.

The specific terms and coverage associated with the entrance fee can vary depending on the type of contract chosen.

The monthly fee covers a wide range of services and amenities, including but not limited to:

• Utilities such as electric or natural gas, water, basic cable television, and wireless internet.
• Taxes, including property taxes.
• Maintenance services like repairs, equipment replacement, exterior cleaning, groundskeeping, lawn care, and snow removal.
• Personal services such as chef-prepared meals; access to recreation, fitness, and aquatics areas; enrichment programs; 24-hour security; around-the-clock access to resident nurses; a medical alert system; annual apartment inspections and cleaning; scheduled local transportation; extra storage; educational seminars, classes, and hobbies; and more.

If you or your loved one are unable to pay the monthly fees for a Continuing Care Retirement Community (CCRC), there are potential solutions. These may include downsizing the resident’s living arrangement or seeking assistance from a community benevolent fund, if available. Such a fund is designed to ensure that residents can continue living in the community even if they outlive their assets through no fault of their own. When evaluating retirement communities, it is advisable to inquire about their policies for residents who outlive their assets and whether a benevolent fund is offered. A thorough financial assessment is typically conducted before residency to help the resident plan for their expenses while living in the community.

North Carolina is considered affordable for retirees, with a low cost of living, especially in housing, and a favorable tax structure. According to NetCredit, you would need just over $637,000 to retire comfortably in North Carolina.

The cost of living in a North Carolina retirement community varies based on the level of care and the specific community. According to the National Investment Center for Seniors Housing & Care, the typical monthly cost nationwide is $3,960, with NC tending to fall a bit below the national average for cost of living. North Carolina’s retirement communities are often in scenic areas, offering retirees vibrant options and easy access to outdoor activities.

Retirees in North Carolina face a state income tax on most retirement income, including pensions and distributions from retirement accounts like 401(k)s and IRAs. However, Social Security benefits are exempt from state taxation, offering some financial relief. Property taxes in the state are relatively low, and seniors may qualify for programs like the Homestead Exclusion, which reduces property tax burdens.

In a Continuing Care Retirement Community (CCRC), many long-term healthcare expenses are included in your contract, which simplifies the determination of tax deductibility. Residents who itemize deductions can often deduct a significant portion of CCRC fees as prepaid medical expenses, including both the one-time entrance fee and the ongoing monthly fee.