Bob and Sandy Curtis thought they had found the perfect elder care solution when they moved into an upscale continuing care retirement community in Port Washington, New York three years ago. They paid a steep entrance fee of approximately $840,000, financed by the sale of their Long Island house, to secure lifelong care at Harborside. The couple selected a contract that included stable monthly fees of around $6,000 for both of them, with half of the entrance fee to be refunded to their estate after their deaths.
Recently, they have faced financial difficulties due to an increase in their monthly fees. The couple, along with other residents, are concerned about the rising costs and uncertainty regarding the future of their care at the facility. Despite the initial promise of lifelong care at a fixed rate, many residents are now feeling the burden of unexpected financial strain.
The Curtis’ story highlights the challenges faced by many seniors living in continuing care retirement communities. While these communities offer the convenience of various levels of care as residents age, the financial aspects can be complex and unpredictable. Rising costs can put a strain on residents’ finances and impact their overall well-being.
As more seniors seek long-term care solutions, it is crucial for them to carefully review and understand the contracts and financial arrangements offered by retirement communities. Open communication with facility management and seeking legal advice can help seniors navigate the complexities of continuing care contracts and ensure they are making informed decisions about their future care.
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