Business Idea - Independent and Assisted Living
Tell me why this will not work, with the baby boomers looking for alternative retirement residential and living possibly and so many Dominicans wishing to return back, plus a ready and available cheap Dominican medical work force.
I found that POP had many hotels for sale. Why not turn them over and or buy one and convert it to an Independent and Assisted Living business. You can make two Thousand US Dollars per head per month, thatís about one million for 40 tenants.
This has been discussed before. Hopefully the person who described their investigation and the reasons they abandoned the idea will see your post and respond.
I don't think that many boomers would stay there if they were incapcitated or suffering diminished mental capabilities and most Dominicans cannot afford these expeditures. More likely the boomers would return to their permanent homes and families then sell up their properties. Just a thought.
Most likely you would get many incapacitated people who run out of funds and have nowhere to go. Unlike the UK, France etc. there are no residential homes where the fees are paid by the state.
Originally Posted by rendul
rendul, I agree. Since I am not too far from the need for such facility myself, I have given this a lot of thought. I will stay in my apartment as long as I can function more or less normally, but when I need assistance, I will go to a place much closer to my family in the US.
Originally Posted by rendul
I know a couple that tried this. There were elderly and the wife needed assistance. They built a nice house and hired help. They were positioned to save a lot of money compared to the US. But because of the separation from family and friends, they soon sold the house and returned to the US.
I agree with Ken. Assisted living in the U.S. is very expensive, and the suggested price of $2000 per month would be very attractive. However, most people I know in assisted living are near their children or other relatives. Many even move from where they have lived all of their lives to where their children are.
I have advocated this before and still believe it would work. A challenge of course is that Medicare doesn't move offshore from the US, so that's out. But the sophistication of DR medical services has increased and the ability to Skype at will helps a family keep an eye out on elderly parents. Challenges with just getting around most towns in DR limits the ability of relatively healthy, yet "not sure footed" older folks to take advantage of their surroundings. Fix the sidewalks, etc. Fat chance.
Retrofitting the classic 3-storey resort condo building with simple elevators seems easy enough.
This can work-with limitations on just how infirm residents can be-but who will be first? I would wager it will be Catholic nuns--they are innovative and determined and are already heavily into the independent living and assisted living, etc. industry.
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We had a similar discussion not too long ago after a friend of ours had a stroke. He wanted to stay in the DR but the lack of any decent facilities that could give him the required care eliminated that option for him. He could of had around the clock nursing care in a nice apartment, for cheaper than anything in the U.S., but he desperately needed professionally qualified rehab, which effectively eliminated the DR.
I think it's a great idea. I foresee the government(red tape, fees, bribes, etc.) being the biggest hurdle.
I have no childrenís, and this would be primed for me. I know that Medicare would not cover any of the cost but my social security check would. I read that Mexico and Costa Rica are trying to market similar plans.
What I envision are private rooms per tenant and a section away from the main facility that will house friends or family members for free upon visiting.
Iíve seen hotels for 300K and up that could be converted.
Medicare doesn't pay for extended nursing home care [max is 30 days I believe], but Medicaid does, pays it in full, you just have to turn over your social security to them. To get Medicaid you have to have less than $2000 in assets, and they do check back 5 years to make sure you haven't hidden/transfered anything. They won't make you sell your home, but they will attach a lien to it, and they get paid back first whenever it's sold.
So.....it "could" work for seniors who aren't Medicaid eligible, don't want to or need to be living near their children/grandchildren/siblings/other family. $2000 is cheap, especially if it includes all meals and care the way they do in the USA. Kinda a seniors AI.