Nebraska’s department of health and human services reports one veterans’ home only has capacity for only 117 of its residents. Many others report that the state-run veterans facilities in various jurisdictions are in need of new construction and that new buildings may receive advance reservations. The outpouring of demand for increased veterans’ care is another example of market indication that the time is ripe for breaking ground on new senior housing projects.
The State VA agency in Illinois, for example, reports that “No qualified veteran will be turned away [from senior housing] because of ability to pay.” The commitment of municipal, state, and federal government to serve our veterans provides a strong platform for private sector development to secure funding for serving the veterans of this country. The customer base is strong, and funding to these men and women in extended care is often backed by the full faith and credit of the US government, thus guaranteeing incentives to provide care for this market.
Can US Veterans Forge New Market Demands?
Care of America’s Veterans has been receiving national attention in recent times. As more legislative efforts make caring for our veterans a national priority, longterm care of our veterans through senior housing construction is an emerging market. The sources of funding for healthcare initiatives are expanding to serve our veterans.
VA’s Aid and Attendance (A&A) Program
The US Department of Veterans Affairs reports that the number of Veterans presently aged 65 or older is in excess of 12.4 million. These Veterans served in conflicts around the world including World War II, the Korean War, the Vietnam War, and even in the Persian Gulf War. As our veterans age, the Department of Veterans Affairs (VA) will provide benefits and services that address a variety of issues including the changing health risks they face, as well as financial challenges through VA benefits and health services.
Through the VA’s Aid and Assistance (A&A) program, pensioners may receive increased sources of federal funding for receipt of care in Assisted Living Facilities (ALF). Due to the pension increase and the logistics of becoming resident of senior housing, this opportunity may present itself as a more attractive option for aging veterans.
Veterans Aid Funding is Only Good If there is Product
However, the current number of licensed facilities cannot support this projected demand, and the need for construction is a certainty.As the veterans of our country age, they will enjoy increasing economic incentives in benefits packages as programs continue to fill any perceived gaps in helping our veterans. The improvement in benefits packages may affect demand for increased care to our US veterans who sacrificed so much in serving this country. Affordable healthcare with a market infrastructure that can serve the aging veteran population is a priority of both the government and the private sector. Cambridge Realty Capital can help you in breaking new ground on construction programs to serve our elderly veterans in addition to other elderly who are in need of assisted living facilities.