The senior care industry in America has never looked more promising or anticipated such growth. Thanks in large part to both massive leaps forward in healthcare technology and the mass retirement of the baby boom generation—defined as those born between 1946 and 1964—today we are seeing the largest population of senior citizens ever to live in America. In 2011, the oldest of those baby boomers celebrated their 65th birthday and experts predict that another 10,000 will cross that birthday line every day until the year 2029.
In other words, this booming population of senior boomers means that there has never been a better time than the present to invest in the senior care industry. And that wasn’t the only statistic to prove it. If you are considering changing careers (or venturing forth as an entrepreneur in this one), then you will love the following six exciting statistics about the senior care industry of today and tomorrow:
Six Statistics About the Senior Care Industry
- By 2060, it is estimated that the number of Americans ages 65 and older will make up an incredible 24 percent of the total population. That means 1 out of every 4 Americans will be classified as elderly. It is a figure that is nearly double the current 15 percent makeup of seniors. Yet, it is over the next few decades when that rate will change the fastest.
- For seniors and elderly Americans, staying in their own private homes as long as possible remains a top priority. The vast majority of those Americans—80 percent—receiving assistance with their care, including those with functional limitations, opted to live in private homes rather than in institutions or specialized facilities.
- Senior Americans with limitations in three or more routine activities of daily living, such as dressing, eating, and bathing, receive an average of 9 hours of assistance via both formal and informal (child or similar relative) sources of care per day. Those individuals older than 85 who remain at home or in a community-style environment will receive an average of 11 hours of assistance each day.
- According to the Center for Disease Control and Prevention’s National Health Statistics Report, the most popular and requested type of home healthcare services for seniors 65 and older are as follows:
- Skilled nursing professionals – 84 percent
- Physical therapy professionals – 40 percent
- General care professionals to assist with activities of daily living – 37 percent
- General care professionals to assist with homemaker services (cleaning and overall home care and maintenance) – 17 percent
- Occupational therapy professionals – 14 percent
- Wound care assistance – 14 percent
- Nutrition and dietary counseling – 14 percent
- For those seniors afraid they cannot afford privately paid for care, Medicare is there to assist. Medicare covers a bounty of various types of senior and elder American health care, including skilled nursing services and home health services for up to seven days a week and no more than eight hours per a day for a total of 28 hours each week.
- Regardless of whether Medicare is used or not, most experts agree that the delivery of home or community-based long-term care services by the senior care industry is a much more cost-effective alternative to nursing homes or similar assisted living facilities. It is also the type of care most Americans prefer.
- In 2004, the average daily rate of a private room in an average nursing facility employing skilled personnel was $192 or $70,080. The hourly rate for a home health aid was $18.12.
Are you interested in joining the growing and necessary senior care industry? Contact us today to learn how.