We all get older. Right now, we’re in the thick of the Baby Boomer generation retiring and migrating into various types of senior living, and someone has to pay for it. If you think normal living is expensive, you should try senior living! 🤯
So why is it so expensive, and what’s going on in the industry? Paychecks want to know!
Here are Five Fast Facts on the senior living crunch:
- 💰 The Dollars - The average cost of a year of a private room in senior living is a whopping $10,104 per month! That works out to about $121k per year. Part of the reason for this is having to staff 24/7. It’s like senior living looked at college and said, “You’re adorable. Hold my beer.”
- 👀 The Shortage - A large part of the problem is the shortage of workers, which has led to a shortage of facilities. Since the pandemic, the industry has lost 230,000 caregivers! That’s 15% of the total workforce across the country. On top of that, because the elderly actually are at risk from diseases that don’t normally endanger anyone else, like COVID or pneumonia, there are strict isolation protocols in most facilities, further straining the limited space and workers. Some facilities can’t find people, but others choose to remain understaffed to save money. Damn Scrooges.
- 😣 Ripple Effects - Chronic understaffing leads to many problems, including worse care, high burnout, and a lack of accurate reporting of incidents and available beds. Even worse, these conditions can lead the workers who are there to be more abusive to residents. 😭
- 🤖 AI To The Rescue? - Some are working on solutions using AI to streamline and boost efficiency in hiring and administrative processes to help make up for the staffing shortage. It’s not a bad thing for AI to replace entry level jobs when there aren’t any actual people in those jobs, amiright?
- 💻 Harness The Power Of Tech - Given the severity of the problem, tech companies are starting to turn their focus here, too. One example is Butlr, a startup that makes “people-detecting sensors” for buildings. These sensors can identify when people fall, experience respiratory distress, or other physical issues. And since they are anonymous sensors, they don’t pose any of the privacy risks of cameras.
🔥Bottom line: Let’s be clear: senior abuse is NEVER acceptable! But when people are stressed to the max, overworked and underpaid, and overwhelmed with too many patients, it’s all too easy to understand how bad things can happen. If you learn of senior abuse taking place, call 800-677-1116 and specially trained operators will connect you to local resources.
It’s great that more attention and helping hands are being paid to this tough situation! Hopefully it’s one that can be turned around quickly, for everyone’s benefit!
What do you think of all this?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
BTW, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
