When the retirement community goes bankrupt
Three years ago, when Bob and Sandy Curtis moved into an upscale continuing care retirement community in Port Washington, NY, they thought they had found the best possible solution for senior care.In exchange for a steep entry fee — about $840,000, financed by the sale of the Long Island home they've owned for nearly 50 years — they would be taken care of for the rest of their lives at Harborside. They selected a contract from several options that set a stable monthly fee at about $6,000 for both of them and that would reimburse half of the entry fee to their estate after their deaths.“This was the final chapter,” Mr. Curtis, 88, said. “That was the deal I made.”CCRCs, or community living plans, provide increasing levels of care on a single campus, from independent and assisted living to n...