THE GROWTH OF AGING POPULATION
In 2019, for the first time in human history, there are more people over age 65 than under age 5. The number of people over age 65 will dramatically increase over the rest of the century, while the number of children under age 5 will remain constant. Till 2030, 10,000 older adults a day join Medicare.
PREFERENCE FOR “AGING IN PLACE”
Nine out of ten seniors want to remain in their existing homes for as long as possible but forty percent of those 65 and older need daily assistance. For many of these seniors, leaving their longstanding homestead represents not only a loss of independence but also a loss of identity and freedom.
DECREASE IN FAMILY CAREGIVING SUPPORT AND HEALTH IMPACT ON INFORMAL CAREGIVERS
Due to societal changes, most older adults live an average of 280 miles from their adult children and many adult children are employed, making it challenging for them to provide the care that might be needed to help ensure aging in place. Additionally, informal caregivers, often spouses or adult children, need support with almost 20% being in fair to poor health themselves affecting their ability to care for their loved one and 70% report symptoms of depression.
DECLINING OCCUPANCY RATES IN SENIOR HOUSING
According to the National Investment Center for Seniors Housing and Care (NIC), the occupancy rate for seniors housing slipped to 87.8%, the lowest rate since 2011, and inventory growth outpaced net demand5.Some of the supply-demand imbalances in senior housing are the result of a potential overestimation of the need for new senior housing facilities over home care. Covid-19 and the global pandemic has forced senior living organizations to consider in home services with August of 2020 being the lowest occupancy month for the industry in a generation.
HOME CARE REDUCES BURDEN ON HEALTH CARE SYSTEM AND FAMILIES
Home care can help maintain the health of an older adult and has been shown to reduce both hospitalizations and physician visits. Additionally, home care services reduce financial burden compared to institutionalized care3. Home care also helps family members by reducing missed workdays and allowing them to focus on their work, not to mention the mental health burden removed from families through supportive home care.
DESIRE FOR INNOVATION IN SERVICES TO SENIORS
Estimates suggest that about $1 billion will be invested this year in “aging-in-place” technologies, including artificial intelligence and home monitoring, that enable seniors to remain in their own home despite experiencing changes in daily living. Speak to us at HomeCare Advocacy Network to navigate today’s aging challenges and opportunities!