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The recession is hitting elderly people where they live, literally. Financial problems have been mounting at a number of assisted-living and continuing-care communities, forcing some facilities into bankruptcies and inflicting new worries on residents and their families who thought their life plans were comfortably set. In recent weeks, Erickson Retirement Communities, which manages 19 continuing-care retirement communities in 11 states, declared bankruptcy. Sunrise Senior Living Inc. posted a quarterly loss of $82 million and announced plans to sell off 21 of its assisted-living communities. Nationally, smaller retirement communities are raising their prices, changing the way they operate, selling themselves off to bigger chains, or getting out of the business altogether. Many companies say they can't make a profit—or even succeed on a nonprofit basis—in an environment that combines the high cost of caring for elderly residents, restrictive Medicaid budgets, tight credit markets and fewer residents willing and able to pay top dollar for their care.
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As a senior, I know this is priced out of most peoples budget; the two in my city are for the wealthy. Home health care is the comming thing and medicare picks up most the tab..senior independent living apts (with clubhouses) rentals are whats needed in med/ larger cities more than anything as baby boomers unload their houses.. Laura
ReplyDeleteThe thing they need for babyboomers is independent living apts with clubhouses at reasonable rent; as they will unload houses they no longer need..Asst living is only for the rich..medicare pays for home health care..Laura
ReplyDeletehi.. thanks for sharing..
ReplyDeletehowever this is a common situation for most states due to financial crisis and the people should given necessary awareness about it in order to move forward////
Calling Doc Kavorkian!!!!!!
ReplyDeleteThis is getting on my nerves now, all I hear is how were broke, we can't "afford" this or that, OK so what the hell ya wana do, just line up all us old folks and serve us cool aid??
If not, shut the hell up!
If ya can "afford" a cell phone, Ipod, GPS, and high speed cable Internet each month, ... up yours, you ain't had it bad yet.
I thought all those old boomers had all the money. They're broke? Who the fuck has all the money?
ReplyDeletehi
ReplyDeleteThe recession has definitely left a huge mark on the people of the US. The fact that it also hit senior living facilities proves that it is indeed a crisis. Since the crisis is known globally, I hope that solutions are being developed as we go along. Let's hope that, through these solutions, all of us can live our lives peacefully again.
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