Argentum released an updated edition of The Value of Assisted Living in America. The industry-leading report provides a comprehensive review of the benefits of assisted living in high resident satisfaction rates, improving quality of life, and saving Medicare and Medicaid funding along with increased workforce productivity.
Among the reports findings include:
- Senior living residents have a 50% lower rehospitalization rate than the average rate for seniors overall, which not only improves their quality of life, but also lowers Medicare spending. Assisted living could potentially save Medicare up to $17 billion through lower rehospitalization rates.
- In the 2023 J.D. Power Senior Living Satisfaction Survey, assisted living communities received a satisfaction score of 837 (on a 1,000-point scale) — higher than industries like travel and hospitality.
- The U.S population is older today than it has ever been. According to a 2023 Census Bureau report, between 1980 and 2022, the median age of the population increased from 30.0 to 38.9. By 2100, the median age is projected to increase to 48.
- A record 4.1 million Americans will turn 65 in 2024 alone, a surge that will continue through the end of the decade as the youngest Baby Boomers reach 65. By 2029, for the first time in American history, older adults will outnumber children.
- The Agency for Healthcare Research and Quality (AHRQ) reported in December 2023 that “post pandemic employment has improved in many sectors but workforce participation in the nursing and residential care sector continues to shrink.” While the overall healthcare workforce grew approximately 15.5% over the past decade, workforce participation in the nursing home and residential care sector is down 8.4% from levels reported in January 2020.
- A March 2024 report by NORC at the University of Chicago found that older adults who live in senior housing communities live longer, receive more home health services and benefit from greater rehabilitative and preventive care than those who do not.