10,000 Baby Boomers turn 65 every day in the United States and will continue to do so for the next 16 years. As these Boomers begin leaving the workforce and settling into retirement, senior housing providers are scrambling to keep up with the demand for care that will soon be coming in full force.
Need for Long Term Care
Thanks in part to rapidly advancing technology, Americans are living longer than ever before and subsequently, we need more long term care than ever. Long term care refers to the type of care needed when someone is unable to perform basic daily tasks on their own, like bathing, dressing, and eating. When we become old and more frail, it can be difficult to accomplish some of these things without assistance, especially if a chronic disease is involved.
Long term care provides the help that is needed in these types of situations, whether it’s at home, an adult day center, an assisted living facility, or a nursing home. Though many of us aren’t thinking about ourselves in this type of situation, senior housing providers are.
These companies know that the number of Americans who needs long term care is expected to increase from the current estimation of 13 million to 27 million by 2050, and they know that rooms in long term care facilities will be in high demand.
Other countries are already facing this problem as they experience a shortage in beds amidst long waiting lists, which spell disaster for the patients waiting. For those reasons, senior housing acquisitions are a common sight in the news these days, and yet another purchase just occurred recently in Texas.
American Realty Capital acquired a Class A senior housing community in Texas earlier this month. Located in Katy, the community was purchased for $71.25 million. The community, built in 2009 and called The Solana at Cinco Ranch, consists of a 184-unit independent living, assisted living, and memory care community.
Solana at Cinco Ranch
Amenities at the property include concierge services, a theatre, putting green, wine bar, sports bar, café, restaurant, salon and spa, fitness center, heated salt water pool, bocce ball court, woodworking shop, and an emergency call system.
Like many of the recently built senior housing communities, this one was built with the residents’ desires in mind. The Solana at Cinco Ranch is currently at 98% occupation.
As senior housing providers plan for the looming influx of long term care residents, it’s up to us to plan for the possibility that we might be one of them.
Preparing for Care
Long term care is far from cheap, and unless you have carefully thought out how you will pay and made the proper preparations, there is a good chance you will be caught off guard both emotionally and financially.
More states are tackling this massive issue with various committees who are studying the long term care system, but as of now, responsibility lies with the individual.