Word: antonios
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Dates: during 1980-1989
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...models for the sprouting life-care communities is Mount San Antonio Gardens in Pomona, Calif., a successful independent operation. Retirees, who must be healthy when they move in, pay entry fees that range from $28,300 for accommodations in a studio apartment to as much as $100,000 for the extra comfort of living in a two-bedroom house. Each of the 458 retirees pays a monthly service fee of $892. In return, members receive everything from meals and utilities to housecleaning and the use of a swimming pool and a weight room. But the real benefit is unlimited access...
That can translate into substantial savings in the event of long-term illness. The average monthly charge at a traditional nursing home is more than $1,800. But the cost of living at San Antonio Gardens, when all fees are prorated over the typical life expectancy, averages just $1,100 a month. The company is able to charge such comparatively reasonable rates because about 70% of the residents die before they need full-time nursing care. San Antonio maintains a $900,000 investment fund to cover cases in which residents outlive their savings...
Unlike San Antonio Gardens, many life-care communities belong to large chains. The biggest provider is Life Care Services of Des Moines, a subsidiary of Weitz Corp., which has managed or developed more than 50 communities nationwide. The Mediplex Group, owned by Avon, has 19 facilities either completed or in the works, largely in California, Arizona and Pennsylvania. Marriott, which is best known for its hotels, has invested $150 million in three projects now under way in Haverford, Pa., Fort Belvoir, Va., and San Ramon, Calif. The company plans to build six more life-care communities by the early 1990s...
...excellent concept," says Lawrence Krause, a San Francisco-based financial planner. "The fear of loss is much greater than the greed of gain." Dean Bowman, 76, and Wife Fate, 75, would agree. They paid $82,000 in 1984 to live in a two-bedroom home in Mount San Antonio Gardens. Says Dean: "There's no question in my mind that we made the right decision. We took an oath early in our marriage that we'd never be a burden to our daughter. Now she knows we're taken care...
...Stevens, Mary Themo Photographers: Eddie Adams, Terry Ashe, William Campbell, Sahm Doherty, Michael Evans, Rudi Frey, Dirck Halstead, Peter Jordan, Shelly Katz, David Hume Kennerly, Neil Leifer, Ben Martin, Harry Mattison, Mark Meyer, Ralph Morse, Robin Moyer, Carl Mydans, James Nachtwey, Matthew Naythons, Stephen Northup, Bill Pierce, David Rubinger, Antonio Suarez, Ted Thai, Diana Walker...