Life plan communities were the type of senior living community least affected by the COVID-19 pandemic, reaffirming their stable future, according to a report from specialty investment bank Ziegler.
Bartlett, IL-based Clare Oaks said it plans to honor contractual obligations to its 225 residents, guaranteeing refunds for 90% of the entrance fees, an agreement that is typical of continuing care retirement communities.
Although the pandemic has slowed the pace of move-ins for all seniors housing and care communities, continuing care retirement communities seem to be outliers. These settings generally have been experiencing less disruption to move-in rates and have seen greater stability in occupancy rates, according to a report released Thursday by the National Investment Center for Seniors Housing & Care, using a subset of the firm’s Executive Survey findings.
The coronavirus is pushing more continuing care retirement communities into financial upheaval and putting pressure on the municipal bonds that financed them, according to an article Wednesday in Bloomberg Law.
Fitch Ratings has revised its outlook on life plan communities to negative last week, reflecting the rating agency’s concern that many of COVID’s risks still lie ahead.
Bondholders Lapis Advisers LP and Amundi Pioneer Asset Management have filed a Chapter 11 plan of reorganization and disclosure statement for Bartlett, IL-based continuing care retirement community Clare Oaks Senior Living, according to an article published Tuesday by Bankrupt Company News.
After staff members at a Georgia life plan community committed to sheltering in place in late March alongside 600 residents, an executive said they are still going strong.
Despite challenges, continuing care at home programs quickly have developed innovative ways to support their members and continue to market to prospective members.
Many middle-class older adults living their golden years in socially engaging retirement communities arguably have one person to thank: John Erickson.
“The question all state officials must consider is whether the risk of introducing a virus with an estimated 30% or higher mortality rate into a nursing home or assisted living community outweighs the risk of hospitals being overcrowded,” the American Health Care Association / National Center for Assisted Living and AMDA – The Society for Post-Acute and Long-Term Care Medicine said in a joint statement released Sunday.
