The Senior Living industry’s growth is driven by a couple of key factors that can trump the impact of a sagging economy: need and numbers. People don’t move into an assisted living community or a skilled nursing home because they want to—they do it because they need to.  When the health and safety of a loved one is in jeopardy by living alone, families must take action.  Adding to this need driven dynamic is the sheer number of seniors and now Baby Boomers beginning to reach the age where senior living is becoming a factor in the remaining years of their lives. 

Recent reports from leading providers of senior living and long term care such as Emeritus Senior Living, 5 Star Senior Living, Capital Senior Living, Horizon Bay, Belmont Villages, and numerous others bolster this trend.  This industry has shown minor growth or declines in occupancy and revenues across the country this year, but in comparison to many other industries such as automobiles, travel, real estate and financial services, the senior living industry appears to be almost recession proof.   

For families considering the best options for a loved one this is good news.  They can rest assured that there are numerous communities to chose from that are in great fiscal shape.  In addition, many of these same communities are offering “Funding Solutions” programs to help seniors pay for the costs of housing and care so they are not forced to wait for the sale of a home or the recovery of their investments. 

To learn more about these Funding Solutions from Kiplinger.com, click here

A recently released study shows that the costs of care in a nursing home are growing at twice the rate of inflation.  It should be no surprise to anyone currently looking at making the move into assisted living or long term care that it is an expensive proposition.  Complicating matters for families is the impact of the economy on the value of assets such as a home or investments in stocks and mutual funds. The report lists the least (and most) expensive states for nursing home care: 

Least expensive (in order):

1. Iowa
2. South Dakota
3. Kansas
4. Nebraska
5. North Dakota
6. Oklahoma
7. Missouri
8. Arkansas
9. Wyoming
10.Louisiana 

Most expensive (in order):

1. New York
2.  Hawaii
3. Oregon
4. California
5. New Jersey 

There are a variety of options for people to raise the money they will need to cover these costs; it is important that family’s do all they can to understand the financial implications of assisted living and nursing home care.   

To read more about the costs of nursing care, click here.