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Bankruptcies in Network of Senior Living Facilities in Illinois and Indiana Cost Residents Millions in Entrance Fees

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Published Apr 16, 2025, 03:08 PM

A recent bankruptcy filing by a network of senior living facilities in Illinois and Indiana has raised concerns about the financial risks faced by residents who pay substantial entrance fees to continuing care retirement communities. The bankruptcies at these suburban senior homes have collectively cost residents millions of dollars in fees, highlighting the vulnerabilities within this sector. Reports indicate that the financial strain on these facilities is significant, prompting discussions about the need for reforms to protect residents' investments and ensure their security in these communities.

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#Illinois #Indiana

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Sources

chicagotribune.com(4)tichyseinblick.de zeit.de

Roland Tichy

@RolandTichy

4 nursing homes close every day: 1,264 bankruptcies or plant closures in 2024 alone despite an increasing number of people in need of care and steeply rising contribution rates: Berlin is steering care into chaos. Are our elders still safe? https://t.co/A6buqdExCp

ZEIT ONLINE

@zeitonline

Billions of euros are missing in long-term care insurance. Reform is overdue. She didn't make it to the traffic light. Will black and red make it better? These figures show how great the need is. #Pflege #Pflegeversicherung https://t.co/2WbcOkwwyQ

Chicago Tribune

@chicagotribune

Bankruptcies at suburban senior homes collectively cost residents millions of dollars in entrance fees https://t.co/59JA1I7Ghr