{"id":1795,"date":"2025-01-25T02:48:03","date_gmt":"2025-01-25T02:48:03","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/when-the-retirement-community-goes-bankrupt\/"},"modified":"2025-01-25T02:48:03","modified_gmt":"2025-01-25T02:48:03","slug":"when-the-retirement-community-goes-bankrupt","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/when-the-retirement-community-goes-bankrupt\/","title":{"rendered":"When the Retirement Community Goes Bankrupt"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Three years ago, when Bob and Sandy Curtis moved into an upscale continuing care retirement community in Port Washington, N.Y., he thought they had found the best possible elder care solution.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In exchange for a steep entrance fee \u2014 about $840,000, funded by the sale of the Long Island house they had owned for nearly 50 years \u2014 they would have care for the rest of their lives at the Harborside. They selected a contract from several options that set stable monthly fees at about $6,000 for both of them and would refund half the entrance fee to their estate after their deaths.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThis was the final chapter,\u201d Mr. Curtis, 88, said. \u201cThat was the deal I made.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">C.C.R.C.s, or life plan communities, provide levels of increasing care on a single campus, from independent and assisted living to nursing homes and memory care. Unlike most senior living facilities, they\u2019re predominantly nonprofit.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">More than 1,900 C.C.R.C.s house about 900,000 Americans, according to LeadingAge, which represents nonprofit senior housing providers. Some communities offer lower and higher refunds, many avoid buy-in fees altogether and operate as rentals, and others are hybrids.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">For the Curtises, the Harborside offered reassurance. Mr. Curtis, an industrial engineer who works as a consultant, took a comfortable one-bedroom apartment in the independent living wing. \u201cIt was a vibrant community,\u201d he said. \u201cMeals. Amenities. A gym.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Every day he spends time with Sandy, 84, who lives in the facility\u2019s memory care unit, an elevator ride away. The staff members there \u201ctreat Sandy with love and care,\u201d Mr. Curtis said. \u201cIt would have been wonderful if it could have continued.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But in 2023, the Harborside, for the third time since it opened in 2010, declared bankruptcy. Its services and activities have declined, residents and families say. A group of about 65 residents, most in their 90s, has hired a lawyer, but whether they will ever get the refunds their contracts supposedly guarantee remains uncertain.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cEverybody\u2019s panicked,\u201d said Ellen Zlotnick, whose parents also live separately in the Harborside\u2019s independent living and memory care units. Their contract specifies a 75 percent refund. \u201cA bunch of people are moving, and others refuse to move.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Data tracking bankruptcies and closures in senior housing are scant. Dee Pekruhn, who directs life plan community policy at LeadingAge, said there had been \u201cvery, very few examples of actual bankruptcies,\u201d though there were recent close calls.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-2\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">But Lori Smetanka, the executive director of the National Consumer Voice for Quality Long-Term Care, said that state and local long-term care ombudsmen were increasingly reporting \u201cproblems with facilities that are financially troubled.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-3\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Recent crises include the closure of Unisen Senior Living, a C.C.R.C. in Tampa, Fla. After it <a class=\"css-yywogo\" href=\"https:\/\/www.tampabay.com\/news\/florida-politics\/2024\/04\/11\/florida-retirement-community-senior-bankruptcy-unisen-insurance\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">filed for bankruptcy<\/a> for the second time last spring, more than 100 residents had to move out.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In Charlotte, N.C., in 2023, state officials stepped in to oversee a long-established C.C.R.C. called Aldersgate, which had floundered financially for years. The state <a class=\"css-yywogo\" href=\"https:\/\/www.northcarolinahealthnews.org\/2023\/08\/26\/state-regulators-step-in-to-supervise-aldersgates-financial-operations-saying-the-retirement-community-is-financially-hazardous\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">approved a \u201ccorrective action plan,\u201d<\/a> and Aldersgate avoided bankruptcy. But it remains months behind on refund payments, and state supervision continues.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In Steamboat Springs, Colo., a C.C.R.C. called Casey\u2019s Pond entered court-ordered receivership last summer. Since sold to a nonprofit health care system, it will continue operations \u2014 but only after two municipalities, a local <a class=\"css-yywogo\" href=\"https:\/\/yvcf.org\/funds\/caseyspond\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">foundation<\/a> and hundreds of community members raised $30 million to rescue it.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-4\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Other kinds of senior housing can shut down, too. About 1,550 nursing homes <a class=\"css-yywogo\" href=\"https:\/\/www.ahcancal.org\/News-and-Communications\/Fact-Sheets\/FactSheets\/SNF-Closures-Report.pdf#search=nursing%20home%20closures\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">closed between 2015<\/a> and <a class=\"css-yywogo\" href=\"https:\/\/www.ahcancal.org\/News-and-Communications\/Fact-Sheets\/FactSheets\/AHCA%20Access%20to%20Care%20Report%202024%20FINAL.pdf\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">mid-2024<\/a>, according to the American Health Care Association.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But when C.C.R.C.s fail, residents and families face not only the physical and psychological <a class=\"css-yywogo\" href=\"https:\/\/pubmed.ncbi.nlm.nih.gov\/37392460\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">ordeal of relocating<\/a>, but also the possible loss of their life savings.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In bankruptcy, residents entitled to refunds \u201care at the very bottom of the list\u201d among creditors seeking payment, said Nathalie Martin, a University of New Mexico law professor who has written about insolvent C.C.R.C.s.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Secured lenders with collateral have the first crack at collecting what they\u2019re owed, followed by lawyers, accountants and employees.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Because the people who live in a C.C.R.C. that has promised refunds are unsecured lenders, \u201cresidents are in a very vulnerable position, and they don\u2019t know it,\u201d Ms. Martin said. Without refunds, they may be unable to afford to pay for care elsewhere if forced to move.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-5\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">At the Harborside, an earlier proposed sale to a national chain would have kept the facility open and refunded fees to residents who had moved out or died. That deal fell through last fall when state regulators declined to approve it.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cIt\u2019s mind-boggling that the Department of Health allowed this to happen,\u201d said Elizabeth Aboulafia, the lawyer representing some residents of the Harborside.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Now a Chicago investment firm, Focus Healthcare Partners, wants to buy the Harborside and shut down all but the independent living apartments, which would become rentals. (Focus has said it then intends to apply for state licenses for assisted living and memory care. Approvals could take several years.)<\/p>\n<p class=\"css-at9mc1 evys1bk0\">A skeptical federal bankruptcy judge questioned that offer last month and instead urged the parties to reach an agreement that protects residents.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cWe deeply empathize with the residents,\u201d Curt Schaller, a co-founder of Focus, said in a statement. He added that \u201cwe can\u2019t undo money lost by others that led to this bankruptcy.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-6\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The Harborside\u2019s lawyer said she could not comment during pending litigation. The next bankruptcy hearing is scheduled for Feb. 12.<\/p>\n<div data-testid=\"imageblock-wrapper\">\n<figure class=\"img-sz-small css-1189og3 e1g7ppur0\" aria-label=\"media\" role=\"group\"><figcaption data-testid=\"photoviewer-children-caption\" class=\"css-13ytnnu ewdxa0s0\"><span class=\"css-jevhma e13ogyst0\">Sandy Curtis, circa 2019, who lives in the Harborside\u2019s memory care unit, an elevator ride away from Bob.<\/span><span class=\"css-14fe1uy e1z0qqy90\"><span class=\"css-1ly73wi e1tej78p0\">Credit&#8230;<\/span><span><span aria-hidden=\"false\">James Estrin\/The New York Times<\/span><\/span><\/span><\/figcaption><\/figure>\n<\/div>\n<p class=\"css-at9mc1 evys1bk0\">Though the federal government regulates the nursing homes within C.C.R.C.s, their other living arrangements and contracts are subject to a hodgepodge of state laws. Many require various disclosures to prospective residents or oversee contract terms.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But few mandate what Ms. Martin sees as crucial to protecting refunds: reserves. If they were compulsory, \u201cwhen you pay these big fees, the facility would be required to set a certain amount of money aside for your future care,\u201d she explained.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">A handful of states, including California, Florida, New Mexico and \u2014 notably \u2014 New York, do require reserves, \u201cbut as we have seen, this does not preclude communities from failing to set aside such funds and filing for bankruptcy anyway,\u201d Ms. Martin added in an email.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-7\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cWe need our oversight agencies to pay more attention,\u201d said Ms. Smetanka of The National Consumer Voice, referring to state regulators and to the federal Centers for Medicare and Medicaid Services.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThe licensing agencies should bring in forensic accountants to look at the books. There should be better auditing.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Additional regulation doesn\u2019t sit well with the senior housing industry. \u201cThe more we regulate and make it more expensive, the less we can house people,\u201d said Robert Kramer, a co-founder of the National Investment Center for Seniors Housing &amp; Care.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Requiring reserves, he said, would mean \u201cfar fewer C.C.R.C.s built \u2014 and the people who move in will have net worth in the millions.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">One solution for elder care shoppers: Selecting a C.C.R.C. that operates as a rental, without expensive buy-ins or refunds. That route makes potential financial failure less threatening, though it also means that monthly costs rise with increasing levels of care.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-8\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Industry sources urge prospective residents to carefully investigate a facility\u2019s financial soundness and applicable state laws, and to have lawyers or financial advisers vet contracts.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cHarborside has been in the news for years \u2014 it wasn\u2019t a secret,\u201d Mr. Kramer said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">To help, the National Continuing Care Residents Association <a class=\"css-yywogo\" href=\"https:\/\/www.naccra.com\/content.aspx?page_id=22&amp;club_id=526131&amp;module_id=321969\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">publishes a consumer manual<\/a>. <a class=\"css-yywogo\" href=\"https:\/\/carf.org\/resources\/public\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">CARF International<\/a> and <a class=\"css-yywogo\" href=\"https:\/\/mylifesite.net\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">MyLifeSite<\/a> also provide guidance.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But Bob Curtis and his sons, both in finance, consulted accountants and even interviewed the chief financial officer of the Harborside\u2019s parent company. Yet here they are.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Curtis attends every bankruptcy court proceeding via Zoom. If he loses his refund, \u201cWhere\u2019s Sandy going to go?\u201d he wonders. \u201cHow\u2019s she going to manage? How am I going to pay for it?\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2025\/01\/18\/health\/retirement-community-bankruptcy.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Three years ago, when Bob and Sandy Curtis moved into an upscale continuing care retirement community in Port Washington, N.Y.,<\/p>\n","protected":false},"author":1,"featured_media":1796,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[],"class_list":["post-1795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-health-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>When the Retirement Community Goes Bankrupt - World News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/site.itshrt.com\/worldnews\/when-the-retirement-community-goes-bankrupt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"When the Retirement Community Goes Bankrupt - World News\" \/>\n<meta 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