INDUSTRY UPDATES | ALFA NEWS
Arecent online article by U.S. News & World Report calls long-term care
insurance policies complicated, but also
offers consumers seven tips for making a “sound purchase.” LTC insurance
coverage for assisted living will become
increasingly prevalent as baby boomers
move into senior care communities.
Among the LTC insurance tips published by U.S. News & World Report:
• Check assisted living provisions. The
news magazine accurately states that
resident services can vary from one assisted living community to another, and
advises consumers to ask the appropriate
• Review credentials. “Only buy a policy
from an established company with a high
rating and experience selling this type of
insurance,” the magazine advises.
Eight million Americans have long-term care insurance, and nearly 33 percent
of claimants in 2007 chose assisted living.
ALFA works closely with proponents of
long-term care insurance for seniors,
including the American Association for
Long-Term Care Insurance.
Recently released fourth quarter 2008 NIC MAP data reveals that assisted living occupancy remained stable from the third quarter. The occupancy rate in the
fourth quarter was 89.4 percent, which compares to 89.3 percent in the third quarter. Compared to a year ago, occupancy in the fourth quarter is down 1. 3 percentage points from 90.7 percent in the fourth quarter of 2007.
“The performance of assisted living properties [in the fourth quarter] is quite
remarkable given the
recent events that have
occurred in the stock
and housing markets,”
says Michael Hargrave, NIC MAP vice
Among the top 31
areas (MSAs), Boston
and Minneapolis have
the highest occupancy rates at 94.0 and 93.7 percent, respectively; Detroit (83.7%)
and Riverside, CA (85.6%) have the lowest occupancy rates.
“In general, those markets that have not seen a significant impact from either
the economic recession or residential housing decline are the markets that have
seen the least amount of pressure on occupancy rates,” says Hargrave.
For more information about NIC MAP, visit www.nicmap.org.
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
Assisted;Living;Occupancy;(top 31 MSAs)
The average national salary for a
director of nursing in an assisted living
community rose to $60,000 in 2008
in 2007. Assisted living
saw pay raises
3. 17 percent,
New research finds that nearly 20 percent of the American population age 65 and older is non-White
or Hispanic—and that by 2030, that
number will increase to 29 percent.
Senior living providers are adapting
their services to best serve current
and prospective residents.
Across the States 2009: Profiles
of Long-Term Care and Independent
Living, released by AARP, provides
national highlights as well as state-level data about increasing diversity
among seniors. Among the report’s
other national highlights:
• One out of every five people age
65+ lives in rural, non metropolitan
areas where home and community-based services are typically harder
• One third of people age 75+ live
alone, which means there is no one
in the household to provide assistance with daily activities.
• More than four in 10 people 65+
have sensory, physical, mobility, self-care, or cognitive/mental challenges
that affect their ability to accomplish
common tasks of everyday living.
To download a PDF of the report,