{"id":20371,"date":"2025-01-18T09:02:06","date_gmt":"2025-01-18T10:02:06","guid":{"rendered":"https:\/\/medexperts.pro\/?p=20371"},"modified":"2025-01-18T10:26:28","modified_gmt":"2025-01-18T10:26:28","slug":"when-the-retirement-community-goes-bankrupt","status":"publish","type":"post","link":"https:\/\/medexperts.pro\/?p=20371","title":{"rendered":"When the Retirement Community Goes Bankrupt"},"content":{"rendered":"
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It doesn\u2019t happen often. But when it does, some residents risk losing everything.<\/p>\n

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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

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

\u201cThis was the final chapter,\u201d Mr. Curtis, 88, said. \u201cThat was the deal I made.\u201d<\/p>\n

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

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<\/div>\n

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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

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

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It doesn\u2019t happen often. But when it does, some residents risk losing everything.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.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.\u201cThis was the final chapter,\u201d Mr. Curtis, 88, said. \u201cThat was the deal I made.\u201dC.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.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.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.\u201dEvery 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.\u201dWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and\u00a0log into\u00a0your Times account, or\u00a0subscribe\u00a0for all of The Times.Thank you for your patience while we verify access.Already a subscriber?\u00a0Log in.Want all of The Times?\u00a0Subscribe.<\/p>\n","protected":false},"author":1,"featured_media":20373,"comment_status":"close","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-20371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle"],"_links":{"self":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/20371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20371"}],"version-history":[{"count":2,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/20371\/revisions"}],"predecessor-version":[{"id":20374,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/20371\/revisions\/20374"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/media\/20373"}],"wp:attachment":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}