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Resident Engagement in CCRC Life: Financial Security and Governance

The National Continuing Care Residents Association assembled a panel for the General Membership during NaCCRA's meeting held in conjunction with the LeadingAge Annual Conference in Nashville.  The meeting was open to all who wished to attend.

We are very grateful to Mr. Fred Herb of the State of Washington, who stepped in when asked to serve as videographer.  This took some courage since Mr. Herb had not previously had that office, but circumstances rendered a substitute videographer necessary.  Thank you, Fred

Reflecting the growing concern among residents about the security and provider stewardship of their entry fee invvestments, the panel focused on financial and governance matters. 

The moderator, Dan Seeger, NaCCRA President, asked the panel to consider the Bill of Rights and Model Laws in their remarks.  These initiatives could help give residents the peace of mind they seek. 

NaCCRA also applauds the recent initiative by the American Institute of Certified Public Accountants to consider a more principled approach to CCRC accounting as advocated by NaCCRA.  The AICPA initiative was featured in LeadingAge Panel 53C, the handouts for which can be accessed by clicking on this paragraph (See Slide #39.

 

Presentations and Questions and Answers

Unfortunately, the sound in the videos is not properly synchronized with the pictures, but we offer the video nevertheless because of the interest in the subject. 

Introduction to the Panel:Dan Seeger, NaCCRA President: 7 Mins 17 Secs

Fiduciary Responsibility and Potential Liability for Deepening Insolvency After Impairment: Professor Katherine C. Pearson: 20 Mins 24 Secs

Resident Protection in CCRC Bankruptcy: Jennifer Young, Resident Member of the Creditors' Committee for Sears Methodist Retirement System in bankruptcy:18 Mins 17 Secs

The Challenge of Changing the Provider Mentality: Jack Cumming, Research Director, NaCCRA: 29 Mins 28 secs

Are CCRCs a Ponzi Scheme?: Asked by George High of Virginia:14 Mins 52 Secs

What has been done to get the National Association of Insurance Commissioners to Consider the Model Laws?: Asked by Barbara Hildenbrand of Virginia:5 Mins 42 Secs

In Florida Providers and Residents Cooperate: Statement by Charles Paulk of Florida: 4 Mins 37 Secs

Can entry fees be guaranteed by privvate insurance or would it require statutory action?: Asked by Joseph Walton of Connecticut: 6 Mins 3 Secs

 

 

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