New Research Shows Nation’s Senior Living Facilities Facing $30 Billion in Pandemic-Related Losses

Seniors, Caregivers At-Risk Without Provider Relief Funds

Alexandria, Virginia, UNITED STATES


Alexandria, Va., May 19, 2021 (GLOBE NEWSWIRE) -- New data released today shows that the nation’s senior living providers have incurred an estimated $22.5 billion in uncompensated financial losses to date, due to the burdens imposed by the COVID-19 pandemic, and uncompensated losses are expected to grow to $29.8 billion through the first half of 2021. While the federal government allocated money for provider relief in last year’s CARES Act, less than 1 percent of that funding has been allocated toward helping senior living communities, which care for a vulnerable population. Industry surveys have found that more than half of providers, which care for 1 million vulnerable seniors, are now operating at a loss.

“During the pandemic, our nation’s assisted living communities went above and beyond to protect their seniors and caregivers and ensured they had access to the PPE, staffing, care, and services needed to keep people safe—and that came at a tremendous cost,” said James Balda, Argentum president & CEO. “Now, without federal intervention, many of these communities could be at-risk of closing due to the steep and uncompensated costs stemming from the pandemic.”

The data was compiled by Argentum, the leading national association dedicated to supporting senior living communities. Argentum is asking leaders on Capitol Hill to share additional relief from the unallocated resources in the Provider Relief Fund with these struggling communities. Without financial aid, some of these communities may not be able to sustain operations, resulting in the loss of homes and caregivers for millions of older Americans.

About Argentum
Argentum is the leading national association exclusively dedicated to supporting companies operating professionally managed, resident-centered senior living communities and the older adults and families they serve. Since 1990, Argentum has advocated for choice, independence, dignity, and quality of life for all older adults. Argentum member companies operate senior living communities offering assisted living, independent living, continuing care, and memory care services. Along with its state partners, Argentum’s membership represents approximately 75 percent of the senior living industry—an industry with a national economic impact of nearly a quarter of a trillion dollars and responsible for providing over 1.6 million jobs. These numbers will continue to grow as the U.S. population ages. Argentum’s programs and initiatives are driven by its membership. Learn more at argentum.org.

 

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