Life-Care or Continuing-Care Communities
(10/23/07)- Back in 1989 New York State authorized the development of life-care or continuing-care communities. The purpose of this type of situation was to cover older people who were not yet ready for assisted living facilities, while on the other hand want to make their living arrangement before such other arrangements would have to be made because of the growing frailty and health of the individuals involved..
The first continuing-care development in Nassau County in New York State will open to residents in about two years. More than three-quarters of the 226 apartments are spoken for. The $282 million project, Amsterdam in Harborside is sponsored by the Amsterdam Nursing Home on the Upper West Side of Manhattan, a nonprofit organization, and co-developed by the Greystone Communities of Irving, Texas, a subsidiary of Sunrise Senior Living.
Residents of these projects will live independently, but contract in advance once they require assisted living and nursing care on the premises. Fully refundable entrance fees for the apartments range from $465,000 to $2.3 million, with monthly fees ranging from $2,400 for a single person in a one-bedroom apartment to $7,500 for a penthouse. These fees cover 30 meals a month, housekeeping, activities and group transportation as well as future health care needs.
New York State has 8 of this type living arrangement operating with a ninth one coming on stream shortly in Buffalo. Five others, including Amsterdam are in the pipeline. Pennsylvania has more than 200 licensed continuing-care communities.
New York recently liberalized its regulations in this area because of how few of these type arrangements were being built. They now have 7 years instead of 3 years to become fully financed. They are now allowed to invest 5% of their assets in stocks. New York recently approved a continuing-care facility in Binghamton that will be the first in the state to allow residents to pay for services only as they need them.
FOR AN INFORMATIVE AND PERSONAL ARTICLE ON PRACTICAL SUGGESTIONS WHEN SELECTING A NURSING HOME SEE OUR ARTICLE "How to Select a Nursing Home"
Allan Rubin
posted October 23, 2007
e-mail: hrubin12@nyc.rr.com or rubin@brainlink.com