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A HIGH GROWTH POTENTIAL INDUSTRY

As the senior population expands, the need for home care is growing in stride and as seniors seek to maintain their independence by staying in their own home, home care will become a high demand option for these seniors. As of Spring 2017, there are now 50 million people over the age of 65, that account for around 15% of the population and that number is projected to grow to 24% in 2060.

Caring Senior Service  General Commercial

 

There are five major factors leading to changes for seniors and families in America. Learn more about them below.

Five Major Factors

Changing Demographics

By 2060 the senior population will have grown to 98.2 million, of which 19.7 million will be 85 or older.

As seniors seek to maintain their independence by staying in their homes, home care will become a high demand option for these seniors. As of Spring 2017, there are now 50 million people over the age of 65, that accounts for around 15% of the population and that number is projected to grow to 24% in 2060.

In fact, every day in America, nearly 10,000 baby boomers turn 65, and this trend will continue, every day for the next 15 years! By far, the largest segment of the American population falls into the age groups who will soon need the very services that Caring Senior Service already provides.

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Increased Dependency

Just because people age does not necessarily mean they will need our services. Or does it? Studies show that as people age their dependency on others increases at a significant rate

The percentage of those needing assistance increases dramatically over the 15 years between 70 and 85 years of age.

Historically, seniors have relied on children or close family members to provided for their care as they need assistance with daily activities like shopping, cooking and running errands.  However, a senior’s children may have health problems of their own that bar them from providing care for their parent or, conversely, may be too involved with their own children, and careers to provide consistent care for their parent.

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Changing Patient Care

Patient care methods have shifted substantially in the last few decades to reduce hospital stays and increase the reliance on outpatient care. Just because a hospital has discharged an elderly patient, however, does not mean that the patient is able to cope with living independently or that their family is capable of caring for them. Seniors newly discharged from the hospital often have physical or mental conditions that limit their independence and require they receive assistance with their daily living activities. 

The average length of a hospital stay is now 5 days less than it was 1975.

This coincides neatly with the demographic trend of people living longer. According to the US Bureau of the Census, heart disease, cancer, and stroke are the leading causes of death among the elderly. None of these illnesses are immediate killers; instead they result in deteriorating health over time. A substantial portion of Caring’s clients are suffering from one, or more, of these diseases.

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Increased Affluence

The last ten years of dramatic expansion in the economy have led to higher amounts of disposable income; income that seniors choose to spend on services, like ours, that provie a higher quality of life in their later years.

About 7.2 million Americans currently own long-term care insurance policies.

Also, the prevelance of Long Term Care Insurance provide coverage for seniors often in the form of payment to caregivers. So, although the clients themselves may not have enough of their own funds to pay for services directly, insurance provides them access to a means of payment. 

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Distant Family

Americans move based on where they find work, more so now than at any time in the past. More often then not, the place where someone's parents lives is not in the same community where their children live, putting more and more miles between seniors and their family support system.

Approximately 7 million adults caring for parents who live over an hour away.

The result is that when parents start to need assistance with their activities of daily living, families often have to travel long distances to provide care. When this is the case, often the only choice for the family is to find other options, such as senior care, for their parents.

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