Assisted-living retirement communities need help themselves

I believe some perspective is necessary here.

The average age range of an assisted living resident is 82 to 87; ergo between 2022 and 2027 is when we will see the Boomers in assisted living environments. The bankruptcies, for the most part, especially the Sunwest one, are not a personal savings or market issue, but operational.

Care needs to be taken when linking the Boomer market to the senior care market. Boomers are targets of the senior care market, but as buyers of services for their parents or grandparents, not typically for themselves.

-Scott

Scott is correct. One does not retire and immediately move into assisted living or even independent living facilities. While this incredible "tidal wave" of baby boomers is what our industry of long term care is looking to and trying to prepare for, it is the companies that have the lean business plans and even "deep pockets" or reserves to survive until they start needing our services in large numbers that will survive. With credit tightening this could become significantly more difficult and complex. Likely many will fail and get picked up by existing or even new players prior to that time.

In truth, our industry seems to have over-looked a population "dip" between the WWII generation and the baby-boomers that we are now experiencing. And now this dip is further aggravated by the economy causing people to stay home, with family, utilize home health, spend-down and utilize Medicaid, etc..

For an independent man or woman to move into assisted living facilities banking on step down facility care typically implies that the person is lesser educated and of lesser means. The optimum situation is to own your own home and engage needed services. The average assisted living facility is $2K per month and one often must waive certain benefits such as VA so the facility can capture all fees through Medicaid. If a man and woman have insurance and a pension then waiving any benefit does not benefit the waiver and should never be considered. New laws are enacted every month that give seniors more access to in-home care. When visiting facilities ask about the education level of the residents and rarely will you find degreed residents but rather residents of lesser education. Financially savvy seniors would never allow themselves to become wards. Independence enhances living not detracts from its quality. Stay in your own home, travel, access local healthcare options. It is no different being 25 than 85 when it comes to healthcare options. Do not listen to those who would herd you into assisted living faciltiies because of fear of declining capacity, it is not a valid or educated argument and is often used to manipulate and control life after death either financially or socially. Stay in your own homes and keep your assets and quality of life. People die. So live fully and leave preparation for sickness and death to itself. You or someone else will cope with it. Times have changed and are good for independent seniors. Get on the train and stop worrying about the future. It will be good. Live fully and in the present.