A closer look at continuing-care retirement communities
Sooner or later, we all have to think about our later years in life and where we’d ideally like to spend them. For some, that might mean moving into a continuing-care retirement community. Commonly referred to as CCRCs, they are a long-term care option for older people who want to stay in the same place as they age and their medical needs typically increase.
But CCRCs come with a hefty price tag not everyone can afford. The Charlotte Ledger reports: “The expansive Aldersgate campus on Shamrock Drive in east Charlotte is home to about 570 residents who pay entrance fees ranging from $112,000 to $640,000 and monthly fees of between $2,500 and $6,500.”
So where do those who can’t afford a CCRC go? And how will the cost of later-life housing impact future generations?
Plus, we take a look at the financial standing of Aldersgate, whose CEO was dismissed in January. Last year state regulators stepped in to oversee its finances. The N.C. Department of Insurance, which oversees retirement communities, declared Aldersgate “potentially insolvent” and gave administrators 150 days to take corrective action, including $1.8 million in entrance fee refunds owed to former residents.