When it comes to senior assisted living and memory care (meet Patsy and learn her story here), it is necessary to think of it in future terms and understand how younger generations and caregivers will be impacted. While not limited to one group, special consideration should be made towards the aging of Millennials and the general economic circumstances of the era. Due to the US financial crisis in 2008, younger individuals began straying from traditional values and looked towards independence, flexibility, and creativity in day-to-day life.
With the growth of freelance and start-up businesses, increased housing costs, changes in healthcare, and so on; retirement planning and budgeting have decreased in priority. Simply put, adults today are just trying to make ends meet. With constant hustle comes a greater health risk due to stress, diet, mental and emotional imbalance, etc. According to the US Census Bureau, the senior population is expected to dramatically increase in 2030 and can only continue to grow. The need for affordable senior housing is alive and well, and it is perhaps more important than ever.
Historically, seniors in search of memory care and assisted living often begin their inquiry before there is a real tangible need. Friends and relatives of seniors typically complete their search after an incident has occurred. Regardless of the timing, the most important consideration for any party involved is the affordability of care. No one fully anticipates the time frame when assistance is truly needed, and budgeting for it can deepen the personal and family struggle. The modern world is far less predictable, and access to new ideas and technology can also conjure a greater risk for accidents.The decline in retirement savings and investment practices amongst younger adults leads them to eventually face the greatest question of all: “Where can I find help that meets my budget and lifestyle?”
MBK Senior Living takes this into consideration when developing new assisted living and memory care properties.
Some senior care experts claim that the difficulty in procuring affordable housing stems from lack of available property, increased real estate costs, and even cultural changes. While these are all certainly applicable and valid, it is the responsibility of the senior housing industry to find ways around it all. With changes in demand, a successful and ethical business will find the right way to change the supply.
Retirement communities like Hacienda Del Rey in Litchfield Park, Arizona are combatting this struggle every day. How? It’s all about personalization, also known as relationship-based care. By paying attention to even the smallest changes in behavior, the facility is able to gauge the possibility of future situations that pose a higher risk for hospitalization. This sort of closely monitored care establishes loyalty, trust, and consistency between staff and residents. It also prevents frequent future visits and long-term stays, allowing for a healthier financial status and sense of self.
Even in a Digital Age, personalization appeals to the future. Professional, personal, social, and financial circumstances do not omit the need for affordable senior housing. It is our job to create safe, stable, and cost-effective facilities so we can welcome generations to come.