“State Assisted Living Providers Billions Out of Pocket in COVID-19 Pandemic Losses”

“State Assisted Living Providers Billions Out of Pocket in COVID-19 Pandemic Losses,” Argentum

Quote:  “New data released today underscore the dire predicament facing seniors and caregivers in the wake of the COVID-19 pandemic. Projecting through the second quarter of 2021, many of the largest 15 states for senior living will incur hundreds of millions of dollars to upwards of $2.4 billion in uncompensated losses due to the financial burdens imposed by the pandemic. The data was released by Argentum, the leading national association representing professionally managed senior living communities. 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 the nation’s senior living communities, which care for a vulnerable population.”

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Assisted living came into existence as an attractive private-pay alternative to welfare-financed nursing home care. People were willing to pay out of pocket for assisted living apartments even though Medicaid-financed nursing home care was easy to obtain. Over time, however, Medicaid intruded on assisted living also and covers 19 percent of ALF residents now. The pandemic has sent assisted living looking for even more help from the government. Any port in a storm, of course, but long-term that course could sink assisted living as it did nursing homes.