Any retirement community in its truest sense has two components – Senior Living and Senior Care.
My equation is:
Retirement Community = Senior (Living + Care).
The “living” component consists of the dwelling itself, and amenities like basic medical facility and activity centre and then services like housekeeping, catering etc.
The “Care” component consists of Assisted, Memory, Palliative and Nursing Care.
In India, are we getting what constitutes Retirement Communities? The answer is “No”.
Retirement Communities are very still nascent in India. Assisted, Memory or Palliative Care is yet to find their due place as part of Senior Care. The current retirement communities segment available in India do not offer a complete solution to senior citizens in terms of guaranteed care that such residents expect and deserve. Moreover, the available retirement communities are becoming elitist and, do not cater to all segments of the senior citizens in our society.
Investment cost for a dwelling in a retirement community is increasing and, so is the recurring monthly expenditure. This has led to a need for larger savings for post-retirement without diluting the standard of living that one is accustomed to.
Expectations of seniors are high and, more than the seniors, it is their children whose expectations one needs to meet.
Quality Lifestyle and Care is the Mantra.
Do you agree?
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Thanks and regards.
Colonel (Veteran) Achal Sridharan, VSM