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Matthews Glen Pricing

Pricing for a retirement community doesn’t need to be complicated. Acts Retirement-Life Communities provides several simple financial options to fit any lifestyle. See the pricing for our Matthews, NC retirement community, Matthews Glen, below! And don’t forget to check for tax benefits related to moving into a retirement community (for instance, a portion of your entrance fee may be tax deductible).

Looking for the best value in retirement at Matthews Glen? You'll find that with smaller-sized living at our campus.

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Frequently Asked Questions

What is a CCRC Entrance Fee?

A Continuing Care Retirement Community (CCRC) entrance fee is an initial payment required when residents move into the community. This fee, which can total several hundred thousand dollars, is intended to partly cover future healthcare needs at current prices. The intent is to help protect residents from the effects of inflation on healthcare costs. The entrance fee also guarantees a place within the community, acting as an investment in the resident’s future care. It helps subsidize the cost of more advanced care services, such as assisted living or skilled nursing, if those become necessary.

In short, residents move in while they are still independent and able to enjoy the community’s amenities. If they later require a higher level of care, such as assisted living, that care is provided on-site without directly increasing their monthly fee. This arrangement allows residents to prepay a significant portion of their long-term healthcare costs at today’s rates, avoiding the uncertainties of future price increases.

The specific terms and coverage of the entrance fee can vary depending on the contract selected.

What Services and Amenities are Included in My Monthly Fee?

The monthly fee typically covers a range of services and amenities, including: 

  • Utilities like electricity, natural gas, water, standard cable television, and wireless internet. 
  • Property taxes and other applicable taxes. 
  • Maintenance services, including repairs, equipment replacement, exterior cleaning, groundskeeping, and snow removal. 
  • Personal services such as chef-prepared meals, recreational and fitness activities, swimming pools, enrichment programs, 24-hour security, and more.

What Happens if You Outlive Your Assets in a CCRC?

If you or a loved one can no longer afford the monthly fees at a Continuing Care Retirement Community (CCRC), there are potential solutions to explore. These might include downsizing the living arrangement or seeking assistance from a community benevolent fund, if available.

A benevolent fund is designed to help ensure that residents can continue living in the community even if they run out of financial resources through no fault of their own. It’s advisable to inquire about the community’s policies for residents who outlive their assets and whether a benevolent fund is offered. A comprehensive financial assessment is typically conducted before residency to help the resident plan for their future expenses within the community.

How Much Does It Cost to Retire Comfortably in North Carolina?

North Carolina is not considered an expensive state for retirement. It offers a low cost of living, especially in housing, and has a favorable tax environment with exemptions on Social Security and deductions for other retirement income. According to NetCredit, an individual would need just over $637,000 to retire comfortably in North Carolina.

What is the Average Cost of a Retirement Community in NC?

The average cost of living in a retirement community in North Carolina can vary depending on the level of care and the specific community. According to the National Investment Center for Seniors Housing & Care, the average monthly cost nationwide is approximately $3,960. North Carolina tends to be a bit below the national average in cost of living, and offers vibrant options for retirees, with communities often situated near scenic locations, providing easy access to outdoor activities.

What Taxes Do Retirees Pay in North Carolina?

In North Carolina, retirees pay a state income tax on most types of retirement income, including pensions and withdrawals from retirement accounts. Social Security benefits, however, are not subject to state taxes, which helps ease the tax burden. The state’s property taxes are modest, with options for senior exemptions such as the Homestead Exclusion to lower the cost further.

What are the Tax Implications of a CCRC? Are Entrance Fees and/or Monthly Fees Tax Deductible?

In a Continuing Care Retirement Community (CCRC), many long-term healthcare expenses are included in your contract, making it simpler to determine what is tax deductible. Residents who itemize deductions can often deduct a significant portion of their CCRC fees as prepaid medical expenses, including both the one-time entrance fee and the monthly fee.