Since I brought up the fact that I get asked a lot about how the economy is affecting the senior living industry, I felt I could probably talk more about it here as well.
While as a whole, our business is doing great that might be because we offer a valuable service that is much needed and when you need it, you need it fast. So as word gets out about the free referral service finding senior living that we offer, the better business is. However, who knows if it could be even busier?
We have received calls from people who made a move to a retirement community or assisted living a few years ago. Based on their budgets at the time, they figured they would be able to remain there for a very long time. With many losses in peoples accounts, things have changed and people have contacted us asking to find a less expensive solution because they are afraid if they stay at the place they are now, they may run out of money.
I worked with a young lady (91) who has this situation in Florida. So she and her family are actually turning this into an opportunity to find a place in Chicago, that will get her closer to family and friends (she lived here for 60+ years!) as well as save her money every month. I am just hoping she makes this decision while many communities are offering her great incentives and before it gets too cold here in Chicago.
I have also heard stories from some communities where the resident has moved out to go live with their children. Not because of their financial situation, but because of the financial situation of the child. Perhaps they have been laid off and looking for work for months and have a family and a mortgage to support. If mom or dad is still relatively independent it might be attractive to have the elder person move back and help out. This is not often the case when someone is already in assisted living and receiving care. I have heard about it more in independent living situations.