Senior Housing Defined
Since the outbreak of the COVID-19 Pandemic, the entire senior housing sector has been lumped into the term “Nursing Home,” and that is simply incorrect and unfair. There are five specific categories within the Senior Living Industry, Independent Living (IL), Assisted Living (AL), Memory Care (MC), Skilled Nursing Facilities (SNF) and Continuing Care Retirement Communities (CCRC).
Independent Living
Independent Living communities cater to younger, healthier seniors with fewer medical issues. Independent Living communities are frequently referred to as Retirement Communities, Congregate Care, 55+ Communities, Active Adult or Senior Apartments. Typically, residents live in fully equipped private apartments. Most of these Independent Living communities offer custom-designed meal programs for purchase and arrange numerous social outings and events that residents can choose to participate in. Most residents are private pay, although there are some government funded programs available. It is important to note that Independent Living communities are not licensed.
Assisted Living/ Memory Care
Assisted Living/Memory Care facilities are licensed by the state to care for elderly residents. Assisted Living facilities are designed for seniors who are not bed-ridden, but need a little help with activities of daily living. This assistance comes in many forms depending upon the individual needs; primarily assistance with medications. Most seniors do well if they simply take their medications as prescribed. Other activities of daily living such as assistance with dressing, social outings and events give residents a sense of normalcy. The facility typically provides 3-full meals daily, as well as housekeeping. Residents live in private apartments. Apartments have little to no kitchen area, instead residents meals are served in a central dining room where they get to mingle and discuss the days events. There is staff present 24-hours per day to assist in the day to day needs and activities of each resident.
A Memory Care facility specifically deals with seniors with Dementia or Alzheimer’s and are secured to ensure residents don’t wander off unaccompanied. Residents live in private or semi-private rooms. Most residents are private pay.
Skilled Nursing Facility
Skilled Nursing facilities care for the frail elderly requiring a higher level of medical care and assistance. These facilities are often called Convalescent Care, Nursing Center, Nursing Home, Rehabilitation or Long-Term Care Facility. They are staffed 24-hours with licensed nurses and other care professions. While residents typically share a room (semi-private or three-bed wards), private rooms are also available. Meals are served in a central dining room unless the resident is too ill to participate. Many Skilled Nursing facilities also provide short term rehabilitative stays for those recovering from an injury, illness or surgery. Payment sources include private pay, commercial plans, Medicare and Medicaid. Skilled Nursing are licensed by the state.
Continuing Care Retirement Communities (CCRC)
Continuing Care Retirement Communities are set-up on a large campus and usually include Single Family Homes, Independent Living, Assisted Living, and Skilled Nursing components all on the same campus. In addition to monthly fees, there is typically a large “buy-in” or “entry” fee. The concept allows for a healthy senior to into the community and spend the rest of their life there as they age in place among friends and neighbors. When more dailycare is needed they have the ability to move into Assisted Living or Skilled Nursing co-located on the campus.
Work with The JCH Group for Your Senior Housing Investments
The JCH Consulting Group works with hundreds of operators, investors and specialists to successfully navigate the senior housing industry. With well-researched and informed decisions, our team routinely builds strong and solid portfolios.
No matter the size or type of real estate asset, we are your top resource in making the most of your senior housing investments in the senior housing industry. By sticking to proven, longstanding industry principles, our guidance in the sector has always weathered storms in the senior housing industry.
For expert advice work with the investment specialists at the JCH Group. Learn more about the senior housing industry and receive a free business valuation at your convenience.