Does the bad economy hurt assisted living?
With all of the doom and gloom of the economy as of late, I was wondering if that affects the assisted living industry? I am no economist, but I would imagine that it wouldn’t affect it negatively, since, if people need help or assistance, they really need to get it. You can’t stop the aging process, and you can’t stop the progression of some diseases or conditions.
I would bet that the assisted living industry will remain a growth industry regardless of what the economy does. Again, I am no economy guru, but that is my guess.
4 Responses to “Does the bad economy hurt assisted living?”
Things seem to be slow here in Orange County, CA. Many seniors are having a hard time selling there homes to move in to senior housing. With so many baby boomers aging I can’t see a slow down for too long.
05 Nov 2008 at 9:15 am
In reference to seniors who use medicare to pay for their assisted livng. In order for senior to live in an assisted living facility they have to meet certain qualifications for medicare to pay for it. Medicare has cut prescription coverages but there are programs to help senior low there cost.
02 Dec 2008 at 11:33 pm
Assisted Living facilities are being hurt by the bad economy. A large asset such as a home has lost value or as I feel coming down to a more realistic value due to the housing hype that caused part of the mess that we are in now. Then try to sell that house now. That asset is not going to provide immmediate liquidity. Other investments have not faired well either. ALF’s can range in the area I live in Pa. 3k to 6k and some ala carte charges with some. I would stay away from specialty ALF’s such as Alzheimer facilites. They can be more expensive than others and they usually cannot accomadate someone unless they are still very independent with ambulation and ADL’s, when more help is needed they will have you pay for extra help, until you are asked to leave. I would try to find a facility that is mixed with residents with all needs and has an aging in place philosophy. Of course consideration for wanderers is a concern.
I think people forget the value to the resident when they can stay in a facility as long as they can. The relationship between staff and resident grows. Some facilities will allow hospice care so residents can die in a familiar place.
Also with the economy in its present state we have high unemployment and maybe now family can care for their loved one themselves and utilize insurance and private higher as needed. Their may even be alot of bargains in hiring that college grad that may have education in related in appropriate fields but cannot get a job. Nursing schools are a good place to look for extra help. The nurses are anxious to care and learn and the extra money will help.
29 Jan 2009 at 3:53 pm
Great reply, Tom. I appreciate your thoughts and insight!
- David
31 Jan 2009 at 3:14 pm