The Nursing Home Crisis is an Everyone Crisis
Ryan McEniff, CDP
I help seniors living with mid-to-late state dementia/Alzheimer's live their best life.
An astounding 1,800 nursing homes will be closing as COVID has crushed industries revenue to the tune of $34B collectively.
So why should you care?
A nursing home crisis is an everyone crisis.
There is nothing easy about caring for a senior. Ask anyone who has done it.
You are going to pay for care in cash or in stress.
With nursing homes closing, for many families cash is not an option, so it leaves one alternative.
Stress. Doing it themselves.
There are 53,000,000 unpaid (family) caregivers in America, and with nursing home closures, it will continue to increase.
23% of Family Caregivers are Millennials
Nursing homes allow individuals a safe place to age while allowing their families to continue to be productive members of the community, work, and with family.
- 23% have stopped saving
- 80% have report their work has suffered
- 23% say family caregiving has made their health worst
- 36% Either quit, reduce hours or take a leave of absence
1,800 nursing home closures will cause these statistics to increase dramatically. It will have a ripple effect on other industries and the general economy.
It will negatively impact:
- General Economy
- General Workforce
- Finances & Savings of Millions of Family Caregivers
Finally, what happens to all these family caregivers who reduce or quit their jobs and stop saving money to care for their parents when they get old and need help?
Nursing homes are going away, but the people who need them aren't.