rgentum releases list of top 15 states for assisted living seeing losses; national uncompensated losses seen hitting $30 billion, with little relief
(Alexandria, Va.) – 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.
“During the pandemic, the communities providing assisted living went above and beyond to protect their seniors and caregivers and ensure they had access to the PPE, staffing, care, and services needed to keep people safe,” said James Balda, Argentum president & CEO. “Now, without federal intervention, many communities could be at risk of closing due to the steep and uncompensated costs stemming from the pandemic.”
Through March of 2021, senior living providers nationally have incurred an estimated $22.5 billion in uncompensated financial losses to date due to the burdens imposed by the COVID-19 pandemic, and uncompensated losses are expected to grow to $29.8 billion through the first half of 2021.
The 15 states with the greatest number of senior living providers and their losses:
- Florida: $2.4 billion
- Pennsylvania: $2.1 billion
- California: $2 billion
- Ohio: $1.76 billion
- Texas: $1.7 billion
- Minnesota: $1.38 billion
- New York: $1.19 billion
- Wisconsin: $933 million
- Washington: $884 million
- Illinois: $832 million
- North Carolina: $771 million
- Georgia: $766 million
- Arizona: $739 million
- Michigan: $734 million
- Oregon: $648 million
For more details and to see other state figures, go to Argentum’s COVID-19 Impact by State page.
Argentum is asking leaders on Capitol Hill to share additional relief from the unallocated resources in the Provider Relief Fund with these struggling communities. Without financial aid, some of these communities may not be able to sustain operations, resulting in the loss of homes and caregivers for millions of older Americans.
Argentum is the leading national association exclusively dedicated to supporting companies operating professionally managed, resident-centered senior living communities and the older adults and families they serve. Since 1990, Argentum has advocated for choice, independence, dignity, and quality of life for all older adults.
Argentum member companies operate senior living communities offering assisted living, independent living, continuing care, and memory care services. Along with its state partners, Argentum’s membership represents approximately 75 percent of the senior living industry—an industry with a national economic impact of nearly a quarter of a trillion dollars and responsible for providing over 1.6 million jobs. These numbers will continue to grow as the U.S. population ages.