The following is a recap from Varsity’s Roundtable, a weekly virtual gathering of senior living marketers and leaders from across the nation. For updates about future weekly Roundtable gatherings, submit your name and email address here.
Baby Boomers are bringing new expectations to senior living, and the traditional Life Plan Community model may need to evolve to keep pace. Greater independence, personalized services and financial flexibility are challenging long-standing assumptions about what communities should offer.
Howard Smith, board member for The Kendal Corporation, joined Varsity’s weekly Roundtable to discuss how communities can adapt to this changing generation. From rethinking levels of care and wellness to reconsidering entrance fees and wait lists, Howard explored what it will take to meet Boomers’ expectations. Below are a few Fresh Perspectives from his discussion.
BOOMERS ARE GOING TO EXPECT MORE CHOICE
The traditional CCRC model was built for a generation more comfortable with standardized offerings and established rules. Boomers are more likely to expect flexibility, customization, autonomy and a clear rationale for how communities operate.
CARE NEEDS TO COME TO THE RESIDENT
Moving residents through separate levels of care may become increasingly difficult to sustain. Technology, home-based services and new approaches to care can allow communities to bring more support into independent living rather than requiring residents to move as their needs change.
WELLNESS NEEDS TO BE MORE THAN AN AMENITY
A fitness center and a calendar of programs aren’t enough. A Boomer-ready model could include assessments, personalized wellness plans, coaching and data that help residents actively improve their physical, cognitive and social well-being.
THE ENTRANCE-FEE MODEL MAY FACE MORE RESISTANCE
More Boomers are carrying mortgages, relying on invested assets for retirement income and prioritizing liquidity. That could make tying up a significant amount of money in an entrance fee less appealing and create opportunities for rental and CCRC-at-home alternatives.
TODAY’S WAIT LISTS CAN CREATE A FALSE SENSE OF SECURITY
A long wait list doesn’t necessarily mean everyone on it is ready to move. Strong occupancy today can also mask a bigger challenge ahead if communities aren’t evolving to meet changing Boomer expectations and new competition.
VARSITY’S FRESH PERSPECTIVE
Boomers aren’t just changing who senior living is marketing to. They’re changing what communities need to sell. Choice, flexibility and autonomy will increasingly matter as much as amenities and peace of mind. Sales and marketing teams should be looking beyond today’s occupancy and wait lists to understand whether their product actually matches what the next generation wants, then help shape the experience before the market forces the issue.
