There is a transformative shift underway in the United States. It centers on the growing population of older Americans and their commitment to aging in place. Aging in place is when a senior chooses to live at home rather than move into an assisted living facility or skilled nursing facility.
Long before the pandemic began, studies revealed more than 90 percent of older Americans wanted to remain in their homes as they age. The events of COVID-19 have made seniors hesitant to reside in nursing homes and long-term care facilities, that number is expected to grow even more. This renewed and heightened desire to age in place is an opportunity for home care franchises.
At some point, most of those seniors will need some sort of assistance with activities of daily living (ADL) — whether that is personal hygiene, homemaking, transportation, or companionship.
Home care, which helps with ADL, is one of the fastest-growing sectors in the senior care industry — and there are no signs of a slowdown. This presents a fantastic opportunity for entrepreneurs who want to do well in business while doing good for others.
Aging in Place Statistics
There are several factors that contribute to the growth of the senior home care franchise industry that center around aging in place. Looking at the aging in place statistics, we have some interesting findings.
Americans are living longer than ever before. Baby boomers, defined as those Americans born between 1946 and 1964, are behind a substantial and lasting swing in the age distribution in the United States. Data from the U.S. Census Bureau shows there are an estimated 76.4 million baby boomers in the country. Within 10 years, all of them will be 65 or older.
By 2025, senior citizens will outnumber children aged 13 and under for the first time in U.S. history. Of course, a person’s age is not the reason someone would need home care. It centers around how aging impacts a person’s health and abilities. The Centers for Disease Control and Prevention suggests 85 percent of older adults have at least one chronic health condition or illness. Sixty percent of those people have at least two chronic conditions. Most people with chronic conditions are required to take medication to manage the effects. People with chronic conditions often experience a loss of physical function, independence, or general well-being.
Dementia is one of these chronic illnesses. More than 14 million baby boomers are estimated to be diagnosed with dementia by 2060. Alzheimer’s disease is the most common form of dementia. Several other chronic conditions are showing concerning trends. Obesity is one example. More than one-third of older adults are obese, while 28 percent are physically inactive. This puts them at higher risk of physical impairments. To age in place, these people will need home care.
An estimated $173 billion is expected to be spent on home health care by 2026, according to the Centers for Medicare and Medicaid Services. The same report predicts the annual growth rate for home health spending will be higher than any other health care category. A report from the Alliance for Home Health Quality and Innovation reveals the home is likely to become the center of care delivery as time goes on.
Home Care Opportunity
Staying ahead of the curve, CareBuilders at Home has begun rolling out their Wellness Program/Virtual Caregiver platform — allowing those who are not quite ready for traditional hourly home care to feel connected to the world outside their home, including family. This aging in place technology includes a “Check In and Chat” feature where one of our caregivers will connect with the client daily. This can be for medication reminders, wellness checks, or social engagement.
A home health care franchise, like CareBuilders at Home, is a perfect entryway for entrepreneurs interested in the senior care market. CareBuilders at Home has a proven business model and a comprehensive training program that provides franchise owners with a solid start for success. Contact us today to learn more about the opportunities available to help older Americans with a desire to age in place.