Furthermore, this same demographic will only continue growing at an alarming rate. Projected to double by the year 2030, this same group will soon encapsulate as much as 20% of the population. The fastest growing group within this demographic, the number of senior citizens over 85, will grow from roughly 3.8 million to over 7 million during the same twenty year period. Of this group, a quarter live in nursing homes while half require some level of assistance with daily living tasks.
While the demands of this sector continue to grow, the independent and assisted living markets are being slammed by current financial conditions. The high rates of default on subprime mortgages have led to a global economic credit crunch. Furthermore, bank failures and real estate foreclosures remain everyday occurrences and, despite the end of the recession, the effects of these financial conditions will continue to resonate for years to come.
This stagnation in the housing market now coincides with the huge demand for residential care for the elderly caused by the baby boom generation. So, at a time when the US already has a shortage of good quality elderly care and assisted living facilities, the housing market has seized up and seniors are struggling to sell their properties to fund their move into assisted living homes.
Also, because the take-up rates have slowed considerably, fewer assisted living providers are funding new elder care and seniors housing. At Executive Care Group USA, we own and operate the Balmoral Assisted Living, an Independent Living Facility at Lake Placid, to the south of Sebring in South / Central Florida.
This resort-style facility also includes dementia care memory suites which cater for the growing incidences of elderly residents with early onset Alzheimer's or other dementia issues. At Executive Care Group USA we have taken the view that the massive growth in the elderly population and the recent stirrings on Capitol Hill over the Healthcare Bill will require action and - as elderly care / assisted living providers - we will have to address that problem head-on and not pretend it doesn't exist.
As such, we have initiated a daring plan to buck current trends. Not only are we investing in current facilities, but we are also capitalizing on the current real estate slump to purchase new land. Our plans are to construct an array of hotel-style assisted living resorts across Florida. Today's efforts will thus benefit today's seniors market, but we firmly believe that we will reap even more benefits in the medium term future.
Today's funding challenges are, we feel, only temporary. As such, we have instigated a compassionate care program which recognizes that not everyone can afford to pay immediately. Furthermore, those who can pay may not be able to afford care at pre credit crunch rates. We therefore assess each case individually on its own merits, offering central Florida's elderly residents quality care at rates which match current market conditions.
Danny Sharpe operates Balmoral Assisted Living the Executive Care Group USA's flagship facility the heart of Florida. You can find more information at Assisted Living Homes.Balmoral Assisted Living provides senior assisted living facilities with nursing and dementia care: senior assisted living homes family owned miami.
View this post on my blog: http://travelnursesuccess.com/positions-are-running-out-in-assisted-living-homes
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