If you’ve been looking into the different options offered by senior living communities, you may find yourself a little overwhelmed. That’s a natural reaction, as there are many variables to consider. As the city’s first Life Plan Community,* River’s Edge will offer three contract options. All are called Life Care, and the similarities as well as the differences are discussed below.
Very generally, Life Care contracts were created for people who want the ability to forecast their expenses. Through their Life Care contract, residents of a Life Plan Community like River’s Edge live independently for as long as possible. If and when they need it, they’ll have access to any assisted living or skilled nursing care they may require in the future — with no increase in the monthly fees they pay as a resident.
A person’s Life Care contract entrance fee allows one to enjoy all of the residential amenities and services that the community offers. At River’s Edge, it will include exquisite, customized apartment homes, a variety of impeccably prepared and presented cuisine options, countless cultural and social activity options every week, state-of-the-art exercise equipment, personal trainers, a pool and spa — all on waterfront property with gardens, walking trails, world-class art and the best the city has to offer just a 20-minute train ride away. In other words, Life Care contracts pay for all of the things that make for a vibrant, engaged lifestyle, while prepaying for the care that may be needed in the future.
At River’s Edge, we recognize that when it comes to financial planning, one size does not fit all. There is a lot to consider in choosing a Life Care option that is right for you. Some may consider estate preservation to be important. Others may find tax benefits to be their priority. Our experienced Life Plan advisors will meet with you to discuss your personal options.
There are also possible tax deductions, too. Check with your tax advisor about IRS-approved deductions for the medical portion of any given plan.
We’re creating River’s Edge to give you freedom and choice in every aspect of your life. We look forward to being a part of your planning process, and to updating you on the progress of New York City’s first Life Plan Community!
*also known as a Continuing Care Retirement Community or CCRC