NYT has a nice article "When the Retirement Community Goes Bankrupt" When the Retirement Community Goes Bankrupt
IDK if there is a free way to access it.
A couple is 3 years into residence at Harborside in Port Washington NY which is in bankruptcy proceedings. At 85 yo they paid $840,000 upfront with a monthly flat fee of $6000 and promise of return of half of the upfront fee on death. State regulators didn't approve sale to national chain. They have a quote from a law professor saying that residents are unsecured creditors and are at the bottom of the list in bankruptcy. The article goes on today that actual failures are rare. Many states don't require reserves.
I am interested because MIL's CCRC is not doing well. She is in hospice so we are pretty sure that the facility will outlast her. The quality of care has declined and we think they have started taking Medicaid to boost revenue and occupancy.
CCRC's have worked out for a lot of folks but I am skeptical. The National Continuing Care Resident's Association has a consumer guide that emphasizes the importance of looking at the organization's financial stability before signing on.
https://s3.amazonaws.com/ClubExpres...de.pdf&Signature=VLyQ2T+tx3+zNZC6mnaXrapFLcM=
IDK if there is a free way to access it.
A couple is 3 years into residence at Harborside in Port Washington NY which is in bankruptcy proceedings. At 85 yo they paid $840,000 upfront with a monthly flat fee of $6000 and promise of return of half of the upfront fee on death. State regulators didn't approve sale to national chain. They have a quote from a law professor saying that residents are unsecured creditors and are at the bottom of the list in bankruptcy. The article goes on today that actual failures are rare. Many states don't require reserves.
I am interested because MIL's CCRC is not doing well. She is in hospice so we are pretty sure that the facility will outlast her. The quality of care has declined and we think they have started taking Medicaid to boost revenue and occupancy.
CCRC's have worked out for a lot of folks but I am skeptical. The National Continuing Care Resident's Association has a consumer guide that emphasizes the importance of looking at the organization's financial stability before signing on.
https://s3.amazonaws.com/ClubExpres...de.pdf&Signature=VLyQ2T+tx3+zNZC6mnaXrapFLcM=