The SHOCKING Truth About Assisted Living Under Trump
Nov 15, 2024
Are you curious about how the Trump administration will affect the world of assisted living? Many people are wondering what the future holds as we anticipate a new Trump presidency. I want to share some important details about how this could impact assisted living, especially for those interested in investing in this growing field.
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Let’s dive into what you might expect for your assisted living business under the Trump administration, and why it's important to pay attention!
Trump’s Past: A Look Back
First, let's quickly look back. During Trump's first term, small businesses—like many assisted living facilities—had a pretty good run. The economy was strong, and there was less government red tape to deal with. Regulations were more relaxed, and it was easier to start and manage a business. This was great for those of us in assisted living who need to navigate complex rules to keep our doors open.
But, a lot has changed since then. We've had a pandemic, a new administration, and the world has shifted in many ways. Even so, some of the positive changes from Trump’s past presidency could return and impact assisted living. Now, let’s look at what might be coming our way.
Easier Rules, Better Business?
Under Trump, there might be less regulation for assisted living businesses. This could mean fewer hurdles and simpler processes to start and run a facility. In my experience, conservative-leaning governments, like Trump's, often prefer fewer rules. This could be good news for those who want to get into the assisted living field, especially in states that already have fewer regulations.
For example, I've seen firsthand how things differ from state to state. In conservative states like Idaho, running a facility is generally easier compared to more liberal states like Colorado. There’s less paperwork, fewer inspections, and simpler rules. If Trump’s administration reduces regulations, this trend might continue, making it easier for new investors to enter the assisted living world.
A Tough Housing Market
No matter who’s in charge, the U.S. still faces a housing shortage. This problem isn’t going away, and it affects everyone, including those of us in the assisted living business. Finding affordable homes to turn into facilities can be tough because of high prices and limited inventory.
One thing to watch under Trump is stricter immigration policies. If there are more deportations, it might free up some housing. However, it’s unlikely this would affect the type of homes suitable for assisted living. So, while there might be some changes, I don’t expect a huge impact on the kind of properties we need for our residents.
Lower Rates, More Lending
Let’s talk about money. Financing is a big deal in assisted living, and under a Trump administration, we might see lower interest rates. When rates go down, it's easier for people like you and me to get loans to buy a facility or expand our portfolio.
In the past, under Trump, the economy was strong, and banks were more willing to lend. This could happen again, which would be great news for anyone looking to invest in assisted living. Lower interest rates mean lower monthly payments, and that can make a big difference when you’re running a business.
What About Healthcare Programs?
Healthcare and assisted living are closely linked. One big question is what will happen with government programs like Medicaid. Many assisted living residents rely on Medicaid to cover costs, so changes in this program could impact the industry.
Some experts think that Trump’s administration might push for more state control over Medicaid. This could mean states get to make more decisions, which might lead to greater differences in funding from state to state. If you’re planning to invest in assisted living, it’s important to keep an eye on Medicaid changes and how they might affect your business.
Tax Cuts Could Help
One thing Trump is known for is cutting taxes. If he lowers taxes for small businesses again, that could mean more money in your pocket if you own an assisted living facility. Lower taxes could also help you pay staff better and keep good employees around—something that’s super important in this industry.
During his past term, small business taxes were lowered, and many business owners benefited. If Trump does the same this time, it could make it easier to start and grow an assisted living business. You might save money on your taxes, which could help you invest more in your business.
State-by-State Differences
One thing to remember is that not all states are the same. Regulations, taxes, and healthcare rules can vary a lot from one state to another. For example, my facility in Colorado faces stricter rules than the one in Idaho. In Colorado, we have to deal with more inspections and wage requirements, while Idaho is more hands-off.
If Trump reduces federal regulations, states might get more control over their own rules. This could make it easier to run a facility in some places but harder in others. Make sure you understand the rules in your state and keep up with any changes that might come.
Final Thoughts: Is It a Good Time to Invest?
Overall, I think the Trump administration could bring some good opportunities for those interested in assisted living. Lower regulations, better lending terms, and possible tax cuts could make it easier to get started. If you’ve been thinking about investing, now might be a great time.
But remember, it’s important to stay informed. Things can change quickly in politics, and healthcare is always a hot topic. Keep an eye on any shifts in regulations, taxes, and healthcare programs so you can make the best decisions for your business.
If you’re new to assisted living, check out my Business Plan Checklist to get started. It’s a free resource to help you create a solid plan for your assisted living business. With the right plan, you can take advantage of any changes that come our way and build a successful facility.
Stay Informed and Ready!
The world of assisted living can be challenging, especially during times of political change. But with the right knowledge and tools, you can navigate these shifts and come out on top. Keep learning, stay adaptable, and don’t be afraid to ask for help. If you want more guidance, consider joining my Mastermind Program to get the support you need. Let’s build a brighter future for assisted living together!
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