Currently, assisted living is a $25 billion dollar industry and continues to grow very rapidly. According to the Assisted Living Federation of America, the main factors contributing to the growth of the industry include:
The American population is aging very rapidly. There is a dramatic increase in the number of people 85 or older.
According to the U.S. Bureau of Census, about 6.5 million older people need assistance with daily living activities. That number is expected to double by the year 2020.
More and more older people tend to live alone. Women continue to outlive men, and the likelihood that either men or women will live alone increases with age.
Women's roles have changed in the past few decades. Traditionally they have been the primary caregivers of the elderly. Now, however, more than 50% of all women are employed.
The net worth of older people has increased and they have incomes sufficient to afford an Assisted Living facility.
Managed care and integrated healthcare systems have dramatically changed over the last few years. Assisted Living facilities are a less costly alternative to nursing homes or home health care.
The Assisted Living Industry
80% of the assisted living residents are women. Their median age is 84, compared to 82 for men.
The median annual income of residents is $25,000 with median assets of $100,000.
Most residents learn about assisted living from a family member or friend.
27% of the residents have family members that live within 5-10 miles of the facility.
40% of the residents have cognitive impairments, 33% use a wheelchair, 20% suffer from incontinence, 75% need medicine, 60% need help bathing, 25% need help with toileting and 5% with eating.
What is Assisted Living?
The Assisted Living Federation of America (ALFA) defines an Assisted Living residence as a special combination of housing, personalized supportive services and health care designed to meet the needs both scheduled and unscheduled of those who need help with activities of daily living.
The 10-point philosophy of care is:
· Offering cost-effective quality care that is personalized for individual needs.
· Fostering independence for each resident.
· Treating each resident with dignity and respect.
· Promoting the individuality of each resident.
· Allowing each resident choice of care and lifestyle.
· Protecting each residents right to privacy.
· Nurturing the he spirit of each resident.
· Involving family and friends, as appropriate, in care planning and implementation.
· Providing a safe residential environment.
· Making the he Assisted Living residence a valuable community asset.
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Services provided in Assisted Living residences may include:
· Three meals a day served in a common dining room, or in the residents room.
· Assistance with eating, bathing, dressing, toileting and walking.
· Access to health and medical services.
· 24-hours 24-hour security and staff available.
· Emergency call systems for each residents unit.
· Health promotion and exercise programs.
· Medication management.
· Personal laundry services.
· Social and recreational activities.
· Housekeeping and transportation services.
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Costs for Assisted Living vary but are generally less than home health services and nursing home care. Assisted Living is private pay.
Regulations and licensing requirements vary from state to state. Most providers and their staff are specially trained as a result of either state requirements or company policy.