By: Hallie Fisher
One of the largest goals of the Biden Administration is increasing care for the elderly. Over the next eight years, the Biden Administration plans to dedicate about one-fifth of the funding for the American Jobs Plan, or $400 billion, to create jobs in the elder care sector.
This could be good news for the senior living facility industry. Historically, this is an industry that has had a difficult time finding and retaining employees. Perhaps federal subsidies can help senior living facilities achieve what has been the biggest challenge – keeping employees. Regardless of how it is achieved, finding and retaining talented staff for senior living facilities is going to be necessary for the foreseeable future. Baby Boomers are wealthier and more involved in choosing their own senior living facilities than previous generations, with many Baby Boomers choosing to enter facilities earlier than their parents generation. They are going to demand the best care and the best staff.
While the Biden Administration’s plans to aid the elder care industry are still being negotiated, the attention that this administration is giving the elderly population highlights what we already know – the sheer volume of the aging population in the United States is going to change our society, and that deserves attention. While most of the rhetoric surrounding this issue is shrouded in anxiety regarding how the country is going to handle the demands of an aging population, it’s important to remember that this shift will create jobs, spur new technology and medical advancements, and create unique investment opportunities.