Home is where the heart is

Within recent years, several new retirement living options have become available in New York State, bringing with them many new and unfamiliar terms, such as Life Care, Independent Living, Assisted Living, and Continuing Care Retirement Community. With this new array of alternatives, seniors can now look forward to remaining in the Empire State after retirement.

With those choices come many questions: What are the differences? What are the costs? Will I lose my independence? Why is a not-for-profit sponsor so important? Answers to some of those important questions follow:

Retirement Communities are similar to apartments, condominiums, or single family developments, except that they provide special services and amenities with a full range of social and cultural opportunities.

Most Independent Living Communities are rental communities with a lifetime lease, but there are also some condominium communities where residents must purchase their own units. These "condominium" units, where ownership is the difference, should not be confused with those retirement communities requiring substantial entrance fees which do not result in a purchase, but rather a long-term use contracts offering only a portion of the entrance fee, without appreciation, to be available upon termination.

Assisted Living Communities offer the freedom and independence of a private apartment, supplemented by a range of security and services to meet individualized personal needs, including, but not limited to assistance with activities of daily living, nutritious meals, medications management and medical services.

Life Care Communities are designed to provide several levels of care, from independent living through assisted living and skilled nursing care. From a financial perspective, individuals who move into a Life Care Community are charged substantial entrance fees, which include payment for nursing care that they may or may not need at some time in the future. The advantage of this type of program is that the monthly fee from one level of care to another does not change, except for normal and customary increases which effect the entire population of the community. In this setting, residents are charged, in most cases, for ancillary costs over and above the monthly fees when they do require skilled nursing care.

Most retirement communities require some type of up-front entrance or membership fee. These (one-time fees may or may not be refundable, either partially or in full). Monthly fees in all cases provide housing along with a variety of services and programs, amenities and conveniences.

It is always prudent to consider sponsorship, ownership and/or management. In most cases, advisors recommend that a not-for-profit sponsor is the right choice. This insures that all revenue to the community is invested for the benefit of the community and its residents. History, background and experience, as well as financial soundness of sponsor, should always be investigated.

With retirement communities come new opportunities. Some extend life expectancy; others enhance life. Companionship of friends and neighbors offers freedom from isolation. Independence and privacy allow residents to choose how involved they want to be. Living in a retirement community can eliminate the burdens of home ownership and fear of the unexpected.

In New York State, an individual may qualify for residency in an "adult" community at age 55, while they must be at least 62 to qualify for retirement communities. Today, we see more and more non-retired or semi-retired mature adults enjoying the convenient, worry-free lifestyle of retirement community living.

Throughout a lifetime, the key to success is timing and planning ahead to meet the challenges of each decade. Planning for retirement typically begins at 50 when people start looking at employer retirement programs, Social Security benefits and private investment income. By the time one is 55 to 60, one should begin looking into alternative living opportunities that offer accommodations which help to reduce their need to call on friends and/or family for assistance later.

If trading in your snow shovel and mop for more leisure time, or if tickets to SPAC or immediate access to an indoor pool interests you, perhaps the time has come to consider Retirement Community Living as the opportunity to enhance your life.

(Editor's note: Jill Gracey is the director of community relations at Coburg Village, the Independent Living Retirement Community under development in Clifton Park.)

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