Covid-Related Financial Losses for Senior Living Providers Approach $29.8 Billion

Senior living providers had incurred about $22.5 billion in uncompensated financial losses related to Covid-19 as of March 2021.

That’s according to estimates released Wednesday by industry association Argentum, based on what the organization described as “a representative national sample.”

Uncompensated losses could grow to $29.8 billion through the first half of this year, Argentum stated.

The organization also compared estimated losses with the amount of Provider Relief Fund money that providers in each state have received, based on a summary from the Government Accountability Office (GAO).

For example, in Florida — the state with the largest number of senior living communities — providers incurred an estimated $2.4 billion in losses, while the PRF allocation was an estimated $49 million.

These are the estimated losses in the 10 states with the most senior living providers:

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

“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,” stated James Balda, president and CEO of Argentum. “Now, without federal intervention, many communities could be at risk of closing due to the steep and uncompensated costs stemming from the pandemic.”

Argentum and other senior living associations have been pushing federal lawmakers to increase financial relief to the industry. In April, 59 members of the House of Representatives and 25 Senators sent a letter to the administration urging “targeted and equitable relief,” Argentum reported.

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