Article by Seniorly.com
“Many new and existing senior living companies are trying to build scalable, affordable, and/or middle market solutions. At present, the ugly truth of our industry is that private-pay retirement communities is extraordinarily expensive. For example, the average cost of assisted living in the US last year was $3,750 per month according to Genworth. In many urban and more affluent markets the average cost is closer to $6,000 per month. This is simply not affordable for most people. During the next decade it will be critical to find more lower-priced solutions, especially for those people with assets or fixed incomes that do not let them qualify for Medicaid offerings (a segment that already has quality and shortage issues). However, there is hope.
Here is a list of non-traditional solutions that are emerging in this segment:
NPR recently ran a story titled “Cash-Strapped Seniors Turn to Assisted Living in Mexico.” It reported on new high-quality retirement centers in Mexico that cater to Americans and cost only $1,500 per month including full-time care services. ChangingAging.org actually first reported on Long Term Care in Mexico 6 years ago. In brief, to address the often prohibitive private-pay costs of American senior housing, many reputable companies are building outside the US, marketing to American seniors, and succeeding in expanding their options.”