Retirement Community's Lifelong Care Promise Turns into Financial Nightmare for Families
A decade ago, Joyce and Norman Cooper made what seemed like the final move to the Harborside Retirement Community in Port Washington, New York. The couple had saved diligently and paid a staggering $946,000 entrance fee, but it was worth it - they would have access to health care and companionship for life.
The community offered an attractive package: independent living, assisted living, nursing, and memory care all under one roof. And in the unlikely event of their passing, the estate would return most of the entrance fee to their heirs, providing a sense of financial security. Or so they thought.
Fast forward to 2023, when the Harborside filed for bankruptcy. The move left families like Barbara Cooper's devastated. Her parents had received only a fraction of their entrance fee back, and were now facing significantly higher monthly costs at new facilities.
"It was a lot of money, but they'd have health care for the rest of their lives in the same building," Barbara said, her voice laced with sadness. "We were supposed to get 80% back. That's not happening anymore."
Barbara and other heirs are now fighting for a piece of the pie - about 30% of their entrance fee. In the meantime, vulnerable residents like Arlene Kohen had to be moved out, leaving families to pick up the tab.
The Harborside's financial model was an unorthodox one: large upfront fees with smaller monthly payments. But when it all went wrong, families were left reeling. The Cooper couple was separated into two facilities after over 70 years of marriage, a devastating blow that took a toll on their mental and emotional health.
Arlene Kohen's family told CBS News that her entrance fee vanished after the facility went bankrupt. "It's like they're just taking it and not caring," said Beverly, Arlene's daughter.
As Barbara Cooper put it, "Find out what happens with the money. If it's not safeguarded, then it's too risky." The Harborside's collapse serves as a cautionary tale for seniors considering CCRCs: do your due diligence on the financial model before making a decision that could have long-term consequences.
In the end, families like the Coopers are left to navigate the complex web of retirement care, facing unexpected costs and heartbreak. As Barbara Cooper so poignantly put it, "They were there to be together for the rest of their lives."
A decade ago, Joyce and Norman Cooper made what seemed like the final move to the Harborside Retirement Community in Port Washington, New York. The couple had saved diligently and paid a staggering $946,000 entrance fee, but it was worth it - they would have access to health care and companionship for life.
The community offered an attractive package: independent living, assisted living, nursing, and memory care all under one roof. And in the unlikely event of their passing, the estate would return most of the entrance fee to their heirs, providing a sense of financial security. Or so they thought.
Fast forward to 2023, when the Harborside filed for bankruptcy. The move left families like Barbara Cooper's devastated. Her parents had received only a fraction of their entrance fee back, and were now facing significantly higher monthly costs at new facilities.
"It was a lot of money, but they'd have health care for the rest of their lives in the same building," Barbara said, her voice laced with sadness. "We were supposed to get 80% back. That's not happening anymore."
Barbara and other heirs are now fighting for a piece of the pie - about 30% of their entrance fee. In the meantime, vulnerable residents like Arlene Kohen had to be moved out, leaving families to pick up the tab.
The Harborside's financial model was an unorthodox one: large upfront fees with smaller monthly payments. But when it all went wrong, families were left reeling. The Cooper couple was separated into two facilities after over 70 years of marriage, a devastating blow that took a toll on their mental and emotional health.
Arlene Kohen's family told CBS News that her entrance fee vanished after the facility went bankrupt. "It's like they're just taking it and not caring," said Beverly, Arlene's daughter.
As Barbara Cooper put it, "Find out what happens with the money. If it's not safeguarded, then it's too risky." The Harborside's collapse serves as a cautionary tale for seniors considering CCRCs: do your due diligence on the financial model before making a decision that could have long-term consequences.
In the end, families like the Coopers are left to navigate the complex web of retirement care, facing unexpected costs and heartbreak. As Barbara Cooper so poignantly put it, "They were there to be together for the rest of their lives."
i'm seriously wondering how many other places are doing this? $946,000 is crazy, but what's even crazier is that families got stuck with like 30% of that back. and now they're paying more at these new facilities? it's just not fair. the fact that they had to move arlene kohen out because harborside went bankrupt is just disgusting. and what's going on with all this money? is it even being used for the care of seniors or are the bigwigs just lining their pockets? 
we need some serious transparency here. sources, anyone? 
the harborside retirement community's financial model sounds like a recipe for disaster 
it's all about collecting those huge entrance fees upfront and then leaving families with massive monthly bills that can break them financially 
they should have been more transparent about their financials before selling these communities to seniors who just want to live out their golden years in peace 
the thought of arlene kohen being moved out and her family having to pick up the tab is just devastating 
we need to make sure that this never happens again to any other family 
I mean, $946k is crazy upfront but you'd think the community would have a solid plan in place for emergencies like this. seems like they took all that money and just... vanished 
. And poor Arlene Kohen - her family is still trying to figure out what happened to the money 
. I think we need to be more careful when choosing retirement communities, you know? Do our research and make sure they have a solid plan in place 
. It's just not fair that some families are left with huge bills and broken promises 
. The Harborside's business model might've seemed attractive on paper, but when the chips fell, families like Barbara's got left holding the bag 
. It's not just about finding a retirement community that checks all the boxes; it's about making sure there are safeguards in place to prevent situations like this from happening again 
.
. We need to do better, you know?
this is just heartbreaking I mean, who wouldn't want to know what's gonna happen with all that money they're shelling out? It's like, don't get me wrong, I'm all for people helping each other out, but when it comes down to it, families should have some idea of what they're getting into. 80% of the entrance fee is a pretty sweet deal, and yet they only got a fraction back?! 
.
. The financial model might seem attractive at first, but what about when things go wrong? 
. It's just not fair that families like the Coopers are left to navigate the complex web of retirement care, facing unexpected costs and heartbreak 
can't believe these retirement communities think they can just take people's money and then ghost them when things go south... like, what even is a lifelong care promise if you're just gonna let families lose everything? 
. What's even more infuriating is that vulnerable seniors like Arlene Kohen are being abandoned mid-care when the whole thing goes belly up 
. The Coopers' story is a nightmare come true – 70 years of marriage and still separated by the very facility they thought would take care of them together 
. How can a financial model be so flawed? 
I need to see some stats and expert analysis on this one... where did the money go? 
So sad to hear about this 
. The lack of transparency and accountability is just heartbreaking 
.
. Seniors deserve more than just promises of care; they deserve protection 
Let's hope for better days ahead where seniors can enjoy their golden years without financial stress 
.
). But seriously, what happened to those entrance fees? Did they just disappear into thin air? It's just not right.
.
I mean, come on people! Don't you do your research before signing up for a retirement community? The Harborside's financial model was basically a scam from the start. $946,000 upfront fee and then smaller monthly payments? That's just too good to be true. And now families are left with nothing but debt and broken promises. 