As a prospective franchisee, you want to make sure you’re investing in an industry people not only need, but will pay for. It can be easy to look at a service like in-home senior care and worry that it’s too expensive, too difficult to sell, and therefore that few entrepreneurs will want to make the investment. The good news is it’s more affordable than you think, and the industry itself is more in-demand than ever. With the population of seniors growing each year, and more information coming out every day about the benefits of in-home caregivers, it’s the perfect time to invest in the senior care industry.
Before making an investment of any kind, you want to be sure that you’re placing your money in a lucrative industry. According to the Bureau of Labor Statistics, the in-home senior care field will add approximately 1.3 million new jobs through 2020. As baby boomers age into senior citizenship, their population is projected to reach 83.7 million, necessitating an increased need for accessible senior healthcare. It has even been reported that the global home health sector may see revenues grow to $300 billion by 2020—a growth rate of 8% since 2014.
We are fortunate to work within a thriving industry, which is only projected to increase in profitability. When franchisees realize the widespread need for senior care, and its potential for rewarding returns, the decision to invest in an in-home care franchise is easy.
It’s great to offer a service that fills a need, and seems poised to grow in the future—but if that service isn’t affordable, or clients can’t justify the expense, none of it matters. That’s why we try to equip clients with all the information they need to help finance their in-home senior care.
Long-Term Care Insurance: This kind of specialized insurance can help cover the cost of senior care, whether in-home or at a nursing facility. It insures your loved one’s assets and can cover a majority of home-care costs. We work closely with several long-term care insurance companies, so we encourage you to speak with your loved one about a policy.
Veterans Administration: The Veterans Administration is a great resource for your loved ones who have served in the armed forces. If your loved one qualifies, the VA offers programs that reimburse veterans and their families for home care. Check out the U.S. Department of Veterans Affairs website for a full list of benefits.
At Senior Helpers, we work with our clients to customize their payment options. We have flexible invoicing, bi-weekly billing, and a “private pay” model, which allows clients to send payments directly to us. We want to make payment as convenient as possible, and are happy to work with clients to meet their specific needs.