What is Carlyle Place?
Carlyle Place is a not-for-profit Life Plan Community (formerly known as a Continuing Care Retirement Community (CCRC)) offering a fulfilling lifestyle experience in a residential setting while providing comprehensive health care services and amenities including assisted living, memory care, and skilled nursing, all on the same campus.
What is a Life Plan Community and how is it different from a Continuing Care Retirement Community?
A Life Plan Community emphasizes lifelong learning, personal growth, health, and well-being. A Life Plan Community offers four lifestyle options; independent living, assisted living, memory support and skilled nursing, as well as resort-style services and amenities all on one campus. Residents benefit from a fulfilling lifestyle and gain peace of mind knowing their future needs will be met without having to relocate outside the community. Life Plan Community is simply a new, and improved name for the category known as a Continuing Care Retirement Community. The name has changed to better reflect the lifestyle evolution of senior adults. Research has shown that today’s seniors are looking for an option that focuses on active living, being socially responsible to the surrounding community, and provide more than one level of care on a single campus.
What are the benefits of the Life Care Program at a Carlyle Place?
The term “Life Care” refers to a contractual arrangement in which the monthly fees for the care provided do not change as a result of requiring a higher level of care. While many retirement communities offer a continuum of care, they do not necessarily offer a “Life Care” contract.
The Life Care Program offers a significant financial advantage to residents who are planners. This is the lifetime residency within the community with the predictability of the costs of long term care. This feature saves thousands of dollars in long term care costs.
What happens to my long-term care insurance if I decide to move to Carlyle Place?
The majority of residents at Carlyle Place opt to eliminate their long-term care insurance policy because the Life Care contract covers circumstances above and beyond the policy provisions (no specified duration of care or maximum coverage amounts or elimination periods) and is far less cumbersome in terms of reimbursement.
Should a resident opt to maintain a long-term care insurance policy, Carlyle Place can assist in filing the necessary paperwork to ensure proper payment is made to you. Long-term care insurance policies vary based on the provider and should always be reviewed with a staff member to ensure proper coverage.
What are the tax advantages?
The IRS allows a medical expense deduction for a portion of both the one-time entrance fee and the ongoing monthly service fee. Carlyle Place provides each resident a statement at the end of the year to take to your tax consultant.
What are the costs of reserving an apartment home or garden home at Carlyle Place?
Residency requires payment of a one-time Entrance Fee and an ongoing Monthly Service Fee. In return, a resident receives life-time residency and guaranteed access to the Carlyle Place continuum of care via the Residence and Life Care Agreement. Both of these fees vary depending on the size of the apartment home or garden home selected and the number of residents in each home.
Is the Entrance Fee refundable?
There are three Entrance Fee plans available for you to choose at Carlyle Place.
90% Refundable Plan – This plan refunds the resident or the resident’s estate an amount equal to no less than 90% of the Entrance Fee paid when the resident leaves the community. The 90% Refundable Plan provides the resident an opportunity to enjoy all of the amenities and services of Carlyle Place for as long as they choose and still receive a refund of the majority of their initial Entrance Fee. The choice of this plan carries a higher initial Entrance Fee for the selected apartment home or garden home.
50% Plan – This plan offers a prorated refund of the entrance fee over the first 23 months of residency. After 23 months, this plan refunds the resident, or the resident’s estate an amount no less than 50% if the entrance fee when the resident leaves the community.
Declining Refund Plan – This plan offers a prorated refund of the Entrance Fee over the first forty-eight (48) months of residency. During this time, if a resident leaves the community for any reason including death, there will be a prorated refund of the Entrance Fee. This Entrance Fee Plan carries a lower initial fee for the selected apartment home.
Refunds for both plans are subject to the receipt of an Entrance Fee payment from a subsequent resident for a unit of the same type.
Is the Monthly Service Fee subject to change?
Yes, the monthly services fee will be adjusted annually on the basis of operating the community and continuing to provide a high level of service to our residents. Carlyle Place operates on a not-for-profit basis for the sole benefit of its residents.
What are the qualifications?
Age: A resident must be at least sixty-two (62) years of age at the time of residency. However, in the case of double occupancy, at least one resident must meet this age criteria and the other may be at least fifty-five (55) years of age.
Financial: A resident is expected to have and continue to have a monthly income equal to 160% of the monthly service fee (after payment of the Entrance Fee)
Health: Pre-existing conditions will not disqualify you from becoming a Carlyle Place resident, however, may disqualify you from receiving the Life Care benefit.
What is the procedure for admission at Carlyle Place?
Ten percent (10%) of the Entrance Fee is required to secure either an apartment home or garden home. A prospective resident has 30 days to complete the approval process after signing a Residency Agreement. When approved a resident has sixty (60) days to take occupancy or sixty (60) days until the Monthly Service Fee begins.
Do you have extra storage?
Yes. Garden Home residents have extra storage built into the garage area. The Apartment Homes have walk- in closets and storage areas, but we understand that there is never enough storage in an apartment. Each Apartment Home is assigned a lockable storage unit housed within the community. These storage areas are perfect for out-of-season clothing, suitcases, sports equipment or other items not frequently used.
Do you have guest suites?
Carlyle Place has guest suites available on-site in the Community Commons. These beautifully-appointed rooms are available by reservation and are reasonably priced.
What if I am not ready yet?
Carlyle Place has a wait list for each apartment home and garden home. If you are thinking of moving within the next three to five years we advise that you go ahead and get on the wait list to ensure that you have a choice in floor plan and location.
How does your waitlist program work?
A $1,000 deposit will ensure a place on the waitlist. Members of the Wait List are given three opportunities within a three year period of time. Wait list members are asked to select up to two floor plans as the list is organized by floor plan type. The $1,000 deposit is applied to the Entrance Fee upon move in.
What if I have difficulty selling my current home?
Carlyle Place has partnered with the executive relocation company Moving Station™ to make the process of selling your home hassle-free. Using our Quick Buy program, qualified homes have been sold in as little as 30 days. Ask a Carlyle Place representative to learn more.