The senior care market is growing every year. With baby boomers retiring and getting older, studies show that these individuals are going to require assisted living in their twilight years. Assistance that will be difficult for their children to provide. The following are some statistics and reasons why elder care will become a booming industry over the next 10 to 20 years.
Due to advancements in medical technology, we have an elderly population that is increasing in size and living longer. Over the next 20 years, the senior population is expected to double to 70 million, and according to recent U.S. Census Bureau studies, the senior population is increasing at nearly twice the rate of the general population, which makes it the fastest growing population in the world. By the year 2020, one out of five Americans will be a senior.
Increasing Need for Care
Never before in the history of our country have there been so many seniors who need home care services. Almost 6.5 million seniors currently need assistance with their daily activities, and this number is expected to double by the year 2020. At the same time, more and more seniors are electing to stay in the comfort of their own homes for longer periods of time. According to a recent study, “84% of all seniors recently surveyed by AARP said “they want to stay home as long as possible.”However, the vast majority of adult children live several hundred miles away from their parents or loved ones, which makes providing assistance extremely difficult.
Care is More Affordable
Thanks to new programs such as reverse mortgages, VA benefits, long-term care insurance, and access to state and local programs such as Medicaid, many more families are able to afford quality home care for their loved one.
Baby Boomers Getting Older
Baby boomers – members of the generation born between 1946 and 1964 – are steadily approaching age 65. By the year 2020, 1 in 4 people in the United States will be over the age of 65. Also, the population of the United States aged 65 and older has started to increase at rates never before seen. That growth will not only continue, it will explode according to the National Vital Statistics Reports from the U.S. National Center for Health Statistics. In 2017, the average life expectancy for a man for a man was 84.3 and 86.6 for a woman. Statistics also show that one out of every four 65year old living today will live past age 90 with one out of 10 projected to live past age 95.
- The Bureau of Labor and Statistics stated that ”In Home Hospice Care is one of the fastest growing segments within the healthcare industry.” Also, on January 5, 2010 The US Bureau of Labor named the Senior Care Industry as having three out of the top ten job growth markets through the year 2020.
- Entrepreneur Magazine boasted that “Senior care was the hottest franchise idea for the year 2004.” They also explained that, “The senior home care industry is only in its first inning, and dramatic explosive growth is still to come in the next three decades ahead.”
- The trends reveal an abundance of new opportunities for entrepreneurs. Healthcare will generate 3.2 million new jobs (wage and salary) between 2008 and 2018, which is more than any other industry. This growth trend will continue for many years to come.