✨✨General Discussions

Hi, this headline is in the WSJ today, but there's a paywall. Can anyone at NaCCRA access the article and post it here? Seems pretty important:

"SHE PAID $1 MILLION TO JOIN A SENIOR FACILITY. ITS BANKRUPTCY WIPED HER OUT"

subhead: "Families lost at least $190 million in 16 bankruptcies at continuing-care retirement communities"

by Akiko Matsuda

No one should ask for an article that is behind a paywall. You can be cited for infringing on a copyright.

However, the WSJ. like the NYTimes, allows those with subscriptions to click a link to share an article. NYTimes limits it to 10 articles a month to share, but they also would be able to gain new subscribers this way.

Linda Kilcrease

Resident of a CCRC

I'm not sure this is the same article but this link from the NY Post popped up in all the MSN headlines on my WIndows computer. Has ads in it but you should be able to get the article.

Long Island widow, 89, paid $1M to join senior facility before it went bankrupt — wiping out most of her savings

Harborside has been in the news for a while now. Having read the article, what concerns do you have about other communities? Is yours transparent? Does your provider talk to you about the state of the institution and the markets it serves? How does news like this affect the attractiveness of your community?

Richmond Shreve

NaCCRA Board Member

Forum Moderator

I am a CCRC resident in an affluent area so we have lots of demand. We do not have transparent management. By digging, I found out that we currently have only 72% occupancy. The minimum is 83%.

Kay,

Occupancy is a benchmark. For perspective check out the NIC article (NEWS tab). There are other benchmarks like days cash, Net Worth. If your community is a non profit, check the form 990 on ProPublica (Resources Tab)

Richmond Shreve

NaCCRA Board Member

Forum Moderator

What is your administration's "explanation" for this very low occupancy?

FYI -- There is a members-only forum that focuses on bankruptcies.

Bankruptcy Forum

Richmond Shreve

NaCCRA Board Member

Forum Moderator