How COVID-19 Will Shape the Future of Senior Living, New Models of Care

COVID-19 is likely to turbo-charge disruptions to the senior-living industry impelled by increasing longevity, more active retirements, labor shortages, and changing desires for care, reports Barron's . Argentum CEO James Balda says senior-living community operators' supply costs have doubled while labor costs could swell 20 percent on average. The sector also may need to hire 200,000 to 300,000 more staff to deal with the pandemic. The industry could consequently face an economic toll of up to $57 billion over the next year. The crisis has spurred many families to consider taking relatives out of a congregate-living situation, but experts warn that a family home cannot replicate contagion prevention measures that assisted-living communities have imposed. Complicating the issue is the variability of senior-living situations, as well as their regulation. Nursing communities are federally regulated, while assisted-living, memory-care, and independent senior-living communities are largely covered for privately by residents and regulated to different degrees by states. Assisted-living communities, continuing-care retirement communities, and home healthcare agencies for seniors aging in place are for the most part understaffed and short of personal protective equipment.