Financial Problems At Some Assisted Living & Continuing Care Communities Raise Worries For Senior Residents & Their Families

Newsweek reports:

• The recession is hitting elderly people where they live, literally. Financial problems have been mounting at a number of assisted living and continuing care communities, forcing some facilities into bankruptcies and inflicting new worries on residents and their families who thought their life plans were comfortably set.

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• In some cases, residents may find that the sizeable deposits they made to get their apartments in the first place have disappeared. [...] That's what happened to the 170 people who lived in Covenant at South Hills in Lebanon, Pa. Their deposits went up in smoke when their facility was sold in bankruptcy to Concordia Lutheran Ministries, which did not take on that liability. Several are now suing B'nai Brith Housing, the original operator of Covenant.

For more, see Bankruptcies Hit Retirement Communities (Elderly residents who thought they'd secured their futures are finding their homes and savings at risk).