Retirement Community - Entrance fee based on age? (years, raise, costs)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You are squealing about 2%?!
I would be puking on the $213K.
I would be worried about the monthly charge being open to change once a year.
Back in 2015 it was, roughly, 800ish/month which seems quite reasonable. But today? Who knows what that monthly charge is now. Add in the additional charges for extra help (housecleaning, laundry, nursing, etc) and it's easy to see how the costs could become formidable with even a relatively mild setback.
I skimmed through the Disclosure Statement... Thank you!
I read "In situations of double occupancy, the additional premium is applicable only to the youngest co-resident.
There is a $10,000 for the other resident, Does this mean they can only charge the $10,000 and not both?
Not sure what $10,000 you specifically mean. But, from my research, it's seems standard practice for CCRCs to charge an additional amount both for the initial buy-in and ongoing month charge when a second resident is involved. Since each person on the agreement receives the exact same level of service, it just makes sense to charge a bit more to cover the added expenses.
It appears the under age 70 fee is just a one time fixed set fee on the unit. Since it's amortized over the under 70 life of the occupant, they charge the fee but use the lowest age person for the amortizing.
I would be worried about the monthly charge being open to change once a year.
Back in 2015 it was, roughly, 800ish/month which seems quite reasonable. But today? Who knows what that monthly charge is now. Add in the additional charges for extra help (housecleaning, laundry, nursing, etc) and it's easy to see how the costs could become formidable with even a relatively mild setback.
All CCRC's monthly's seem to go up every year. Unfortunately, not all states have state oversight of rate increases or even a requirements for public filing of rate increases. In one state I know about, they not only have to disclose their annual rate increase, but must also show a 5 year history of each increase in that disclosure. So you're not just seeing a one year increase, you get to see how they have been increasing rates over 5 years.
I also like the states that mandate the actual written agreements a person signs to be included in that disclosure. Often there will have all these addendums and exhibits that start painting a more specific picture of what expenses a person can incur. Example, they say "light housekeeping" but the exhibit shows that's basically vacuuming and dusting, you want the bathroom cleaned = extra $25. The biggest is always the "Meals". What, how many and how calculated? Is it based on beans and franks or a true hearty meal? Is it a declining balance or just a per setting?
I also like the states that have medical cost deductible estimates in their disclosures. This is when the community provides the estimated annual amount of medical expense in the monthly. So a person paying $5,000 a month knows that of that amount, about $1,500 (or $18,000 a year) is considered a medical expense deduction per IRS. Now that comes in real handy when they first move in as the medical expense portion of the buy-in may be in the many tens of thousands.
It's not. It's a community where you start out in an Independent Living unit, then when you need assistance, you move up into an Assisted Living unit, or they provide the assistance in your current unit. Then eventually, if or when you need nursing home care, you will be moved into that sort of unit.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.