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I agree, it feels discriminatory. I believe in the real-estate world they are not allowed to ask a clients age.
Are you suggesting that an over-55 community, in a state that allows age restrictions, cannot ask a resident to disclose their age? When a development is utilizing the Housing for Older Persons exemptions to the Fair Housing Act, they have to enforce certain age restrictions or they will lose that exemption, so they have to know the ages of the residents.
Are you suggesting that an over-55 community, in a state that allows age restrictions, cannot ask a resident to disclose their age? When a development is utilizing the Housing for Older Persons exemptions to the Fair Housing Act, they have to enforce certain age restrictions or they will lose that exemption, so they have to know the ages of the residents.
I don't mind providing my age. What I do mind is paying a penalty because of my age.
Here is the last annual disclosure statement filed for that community. insurance.pa.gov Continuing Care Documents - HOMEWOOD AT MARTINSBURG
Since CCRC's establish entrance, monthly and required assets to support the projected life expectancy of residents using a formular where a minimum age is involved, you may pay an additional fee if your entrance age in below the set formula. In your case, they based their formula on a minimum entrance age of 70. By seeking admission below that age, there is a greater risk of you running out of assets before you die. Instead of trying to calculate down to the dollar the assets needed specifically by you, they just impose a fixed percentage "premium" to your entrance fee based on a fixed item (could be the monthly fee for your type of unit or the entrance fee for your type of unit) to hedge against you being insolvent. Remember, they are promising to care for you until you die regardless if you're able to continue paying.
Just a note, the term "retirement community" is akin to saying buying a motor vehicle. In your case, you specifically are talking a CCRC which in most states, must meet strict regulatory requirements. It's not just some 55+ old folks community; they have legal responsibility to care for you until your death.
Here is the last annual disclosure statement filed for that community. insurance.pa.gov Continuing Care Documents - HOMEWOOD AT MARTINSBURG
Since CCRC's establish entrance, monthly and required assets to support the projected life expectancy of residents using a formular where a minimum age is involved, you may pay an additional fee if your entrance age in below the set formula. In your case, they based their formula on a minimum entrance age of 70. By seeking admission below that age, there is a greater risk of you running out of assets before you die. Instead of trying to calculate down to the dollar the assets needed specifically by you, they just impose a fixed percentage "premium" to your entrance fee based on a fixed item (could be the monthly fee for your type of unit or the entrance fee for your type of unit) to hedge against you being insolvent. Remember, they are promising to care for you until you die regardless if you're able to continue paying.
Just a note, the term "retirement community" is akin to saying buying a motor vehicle. In your case, you specifically are talking a CCRC which in most states, must meet strict regulatory requirements. It's not just some 55+ old folks community; they have legal responsibility to care for you until your death.
Yes, a CCRC is very different from an Active Adult 55+ community. That's a good clarification that you posted and I hope others will absorb the difference from reading your post. This subject, to some degree, comes up fairly often. There's a world of difference among the various flavors of retirement communities.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Very common to have age based fees on this type of community (all levels of progressive care.
Depends on your long term plans. Looks like they probably have many different options.
Enter very wisely (with professional guidance ~$500 well spent)
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