Global health care costs are already skyrocketing and the real stress to our global health care systems won’t hit its peak until around 2026, when Baby Boomers begin turning 80. We haven’t even mentioned the new norm of embarrassingly enormous and largely ignored government deficits, the huge and wasteful interests on Federal debt or the further cuts that will be necessitated to government health, human and social service programs in order to continue ensuring essential medical services can be provided to all.
What does this spell? A global healthcare epidemic…unless steps are taken within the next few-years to systemically address these issues in a long-term and sustainable fashion. Remember too, compared to the U.S.’s 310-million population, India and China alone have over eight times that number!!
On seniors own side is the fact they will continue to be a fast growing age group for years to come. Seniors also vote in much higher numbers than younger folks giving them great representation in the political system. While this doesn't help China, senior's voice can help to keep elected officials from flushing the country down the toilet...any further.
What the author and some others believe will happen is to contain costs, health care providers and legislatures will begin focusing on less expensive preventive care as a way to prevent higher more costly care and hospital stays. We think this, along with continued popularity of Long-Term Care insurance policies, positions the home care industry to capitalize on this long-term rapidly growing market.
I was told by a friend and I personally believe that the home care industry is expanding too rapidly and there will be excess supply over the next five-to-ten-years resulting in the eliminating of substandard providers, leaving higher quality – and hopefully nationally regulated! – providers. In the meantime there will be legislative changes, tax changes, global changes, technology changes, insurance regulation changes, medical breakthroughs, and let’s be real, who actually knows what’s going to happen in 2026? I certainly don’t!
But no matter what happens, the number one advice we can give to anyone: BUY A LONG-TERM CARE INSURANCE POLICY FOR YOU AND YOUR LOVED ONES TODAY!