River’s Edge Life Plan Community

River’s Edge Life Plan Community is an upscale residential community that comprises one- and two-bedroom apartment homes offering services and amenities for independent and vibrant individuals age 62+. If and when one’s health changes, assisted living and skilled nursing care services are provided seamlessly and are available on the same campus, at the same predictable fee.

Life Care provides all-inclusive service coverage so that if and when a higher level of care (assisted living or nursing) is needed, there are no incremental fees. Life Care effectively provides long-term care insurance, with a contract that covers all assisted living, memory care, and skilled nursing needs at the same predictable monthly fee. This is a potential savings of $140,000 a year.**

Seventy percent of people over the age of 65 will need some type of long-term care.*** Assisted living, memory care, and skilled nursing care are not covered by Medicare. Monthly fees for these services in the New York metropolitan area typically increase at a rate of 3-5% yearly.

• Assisted living: Starting at $9,000/month plus fees for additional services
• Memory care: Starting at $13,000/month plus fees for additional services
• Skilled nursing care: Starting at $9,000/month plus fees for additional services

There are generally two components of resident fees:

• Entrance Fee: a one-time payment upon occupancy. Most often residents pay this from the sale of their home. The amount of the entrance fee depends on the type and size of the residential apartment.
• Monthly Service Fee: similar to a monthly maintenance fee. This covers all living costs, including dining, housekeeping, programming, and more.

YES! When you choose your apartment home you will also decide which entrance fee refund makes the most sense for your future planning. Refund options are 90% and 50%. Each option amortizes at 2% per month until capping at the desired plan. The refund is returned according to the Life Plan contract.

YES! There is a pre-paid medical tax benefit recognized by the IRS for both the entrance fee and monthly fee. The year the entrance fee (the cost of the residence) is paid, a portion can be deducted, attributed to future care. While living in the community, a percentage of the monthly fee is considered deductible for this purpose as well. Each year, River’s Edge will calculate the cost of operating its care center and share what percentage may be deducted. To maximize tax benefits, speak with a tax professional.

You will form meaningful friendships at a Life Plan Community with a lifestyle that involves a dynamic social network, robust activities, sophisticated programs, and amenities that ignite lifelong interests or help you discover new ones. The friends you make in a Life Plan Community are never far away no matter what level of care you are at since all care provisions are nearby, all on the same campus.

An important part of planning for the future is thinking about your care needs. How will your needs be funded and who will oversee those care needs? And most importantly, how can I maintain control over these decisions and not burden my family? Living in a Life Plan Community addresses all of these issues. With your decision of choosing to live in a Life Plan Community, such as River’s Edge, should you need assisted living, memory care, or skilled nursing care, these are all pre-planned. And all at a predictable monthly fee to protect your assets.

The time to plan for tomorrow is today. If you are 62 or older, a Life Plan Community is a smart choice for your next move from both a financial and social perspective.

River’s Edge and all Life Plan Communities in New York are overseen by the New York State Department of Financial Services and the New York State Department of Health.

Life Plan Communities offer an interesting and engaging lifestyle in a community of like-minded people, peace of mind, and a financially secure retirement. As we grow older, these three factors play an increasing role in our lives. We live for today, and we plan for tomorrow. That is the essence of Life Plan Communities – and their benefits.

There are over 2,000 Life Plan Communities in the United States, and River’s Edge is the first and only such community in New York City. River’s Edge is located on a sprawling, 32-acre park-like campus along the Hudson River in Riverdale. River’s Edge offers the best of both worlds – close proximity to Manhattan’s diverse arts, entertainment, and culture, with tranquil and breathtaking riverfront views unlike any other.

River’s Edge residents will enjoy:

• Life Care
• World-class dining in beautiful dining venues
• Housekeeping services
• FLOW: a holistic approach to mind, body, spirit, and wellness
• Concierge services
• Utilities
• Curated programs and activities
• Complimentary transportation services
• 24-hour security
• Fitness classes and an aquatic center with a saltwater pool