The demand for in-home care services is increasing. The ‘Baby Boomer’ generation of adults has long been defined as men and women born shortly after the end of World War II and through the mid-1960s.
This is a period of time that witnessed an explosive growth in population, especially as soldiers returned from battle and couples aimed to build families. Today, this Baby Boomer generation is retiring and driving up the percentage of elderly in comparison to other age groups, not just in America, but around the world.
They are also placing more pressure on certain services, like in-home care support. As more people retire, more will likely require some level of support. Compared to nursing home care and assisted living, far and away the preferred option for many of these seniors is to ‘age in place,’ or remain home for as long as possible.
While home care is in greater demand the world over, North America leads the way as far as demand and market share.
According to the Global Home Health Care and Residential Nursing Care Services Market Briefing 2018 – https://www.businesswire.com/news/home/20180131006117/en/Global-Healthcare-Services-Market-Briefing-2018-- :
“Integrated care services are being offered by an increasing number of companies and providers. Some of the major home health service providers, such as Kindred Healthcare, are providing home integrated care services which are being adopted by patients.
North America was the largest region in the home health care and residential nursing care services market in 2017, accounting for around 41% market share. Western Europe was the second largest region accounting for around 31% market share. South America was the smallest region accounting for around 0.7% market share.”
With such a strong market share for these services, there are many organizations -both private and public- that are seeking to elevate the quality and access to care and other support services these aging seniors may require. Innovation and technology are often leading the way and it is not only streamlining some processes, it’s also helping to improve quality of care and support, especially for those who need some level of direct medical attention, such as those who were recently hospitalized.
It’s not a badge of honor for North America to hold this distinction, but it does indicate as the industry continues to expand due to strong demand, there are going to be more and more opportunities for innovative thinkers, compassionate individuals who want to make a difference in the lives of those who rely on these services, and entrepreneurs who seek out solutions that will improve comfort, safety, and care for those in need at home.
Valerie VanBooven, RN BSN, is Editor in Chief of www.HomeCareDaily.com
The fact is as members of Generation X, Late-Boomers and Boomers all age in mass the demand of Long-Term Care Services and Supports has increased dramatically. Most people want to remain in their own homes. Caregiving is very hard on family members and paid care drains savings and impacts the family lifestyle. This is why advance planning is required.
Some people are not aware that Long-Term Care Insurance pays for home health care. Some people think Long-Term Care Insurance is expensive. Still others think they will never require care in the first place.
Long-Term Care Insurance plans will pay for quality care at home, adult daycare, assisted living, memory care as well as the traditional nursing home. Once you qualify for benefits you and your family get to decide how to use those benefits.
In 2017 the American Association for Long-Term Care Insurance paid over $9.2 Billion is benefits to American Families. This money, had it not been for LTC insurance, would have come from family assets or would have forced family members to be caregivers.
Long-Term Care Insurance is Easy and Affordable Asset Protection. Most people today are purchasing plans prior to retirement (50s and early 60s) when premiums are very affordable.
People require extended care due to illness, accidents of the impact of aging. The chance of needing care is high because of the advances in medical science and longevity. The US Department of Health and Human Services says if you reach the age of 65 you have a 7 in 10 chance of needing some type of long-term care service before you pass.
Find a specialist in Long-Term Care Insurance who can guide you and make the proper recommendations. You must health qualify for these insurance plans so be sure to act before your health changes.