Mexican assisted living industry offers an appealing alternative for those who cannot afford growing costs of senior care in the US.
There are already more than one million retired Americans living in Mexico and the Mexican government and developers are refocusing their efforts to meet the increasing demands of those looking south for more affordable senior care options. High-end retirement facilities in Mexico are less than one third the cost of the average low-end facility in the US. This dramatic difference in price is leading more and more Americans to really consider Mexico as a retirement option.
According to the National Institute on Retirement, the average American household holds virtually no retirement savings. A study published in 2013 reports that the median retirement account balance is a meek $12,000 for those nearing retirement age and more than 45% of working-age Americans do not own any retirement account assets.
While States are struggling to meet the growing financial demand of baby boomers heading towards retirement age, individuals and families are discovering the grim reality of assisted living and nursing home options in the US. The Assisted Living Federation of America reports that the average cost for a private one-bedroom apartment in an assisted living residence is $4,250 per month and can be as high as $6,900 per month.
The gap between the costs of senior care and the reality of retirement savings in America is leaving many retirees scrambling, and the burden is often falling on family members. This retirement crisis is leading some to look across the Mexican border to find answers.
Developers in Mexico are seizing this opportunity with their ability to provide top of the line amenities at a fraction of the cost. Mr Jose Mayoral is one of those developers and his recent project, Villa Natura Community located on the Pacific Ocean in Ixtapa, Mexico, presents an appealing option. The average price for a furnished apartment, sharing Plan in his full-service, fully amenitized resort is $1,970 + tax. This includes a licensed physician to supervise each resident's care and therapy, US-accredited nurses and caregivers, full service restaurant style meals and maid service. All rooms have a kitchenette and are an average of 980 square feet. The ten-acre property boasts three pools, a large health club and spa, mini golf, and a night club.
With all of the amenities of resort-style living including immediate access to the beach, golf courses, sailing, deep sea fishing, shopping and dining, one would ask why more Americans aren’t already packing their bags and heading south? The most common hesitation is distance from family, but the reality is many Americans already live a great distance from their loved ones. However, if you think of the reality of affordable facilities in the US staffed by underpaid CNAs, or even worse those covered by Medicaid, many will begin to seriously consider Mexico as a viable retirement option.