Senior Home Care 101
Baby Boomers just started turning 65 in 2011. They had far fewer children than their parents. Many Baby Boomer's kids – the estimated 85-million Gen-Xers born between 1961 and 1984 – are upwardly mobile and not residing in their nuclear families. This means a lot fewer family members to care for a lot more aging Baby Boomers.
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 interest on Federal debt or the further cuts to government health, human and social service programs that will be necessitated in order to continue ensuring essential medical services over the coming decades.
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 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 elderly in say, China, senior's can still help to keep elected officials accountable for making the best health and home care decisions for all citizens.
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 a long-term and 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 the 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!!