No CLE - ABI-Live: Restructuring of Continuing Care Retirement Communities
HOSTED BY: HEALTH CARE AND SECURED CREDIT COMMITTEES
The restructuring of continuing care retirement communities (CCRCs) has increased in recent years. CCRCs provide senior citizens with a continuum of care, comprised of independent living, assisted living and skilled nursing. Residents pay an upfront entrance fee, which often is 75%-90% refundable, and a monthly maintenance fee. The need to repay entrance fees with funds from entrance fees paid by subsequent residents makes CCRCs particularly susceptible to variances in occupancy, and the upfront payment of entrance fees exposes CCRCs to rising health care costs. CCRC bankruptcies are further complicated by the need to ensure quality care for current residents and the oversight of the state attorney general’s office and other regulatory authorities. This webinar will explore these issues and other potential pitfalls of CCRC bankruptcies.