By the year 2030, our baby boomer population will all surpass 65, putting one in five Americans at the age of retirement. This creates a unique situation, as life typically takes a turn at this age.
Increasing the number of retirees affects the healthcare system as a whole, so how will this aging population affect home health care? Keep reading to learn more.
- Higher Demand
When you increase the population of senior citizens, you also increase the overall need for health care. This means that we will see assisted living centers and nursing homes fill up, creating more of a need for home health care services.
This means that society will need more nurses and aides to work in this sector of the field. It will pressure these businesses to grow in order to fit these needs.
But, smaller businesses can only handle so many employees before burning out. So, more home health care agencies need to open up in order to meet the needs of our population.
What creates this higher demand?
Physical Health Ailments
Chronic disease affects about 92% of adults over the age of 65. They may suffer from sensory issues like vision and hearing loss, which makes everyday life extremely difficult at home.
Others battle serious illnesses like diabetes, heart disease, and cancer. This makes daily medications an important part of the daily routine. They may require constant care without needing hospitalization.
Declining Mental Health
Aging creates a number of issues that lead to anxiety and depression. Though many people help themselves through, older adults face circumstances that can make it difficult, and then can cause them to not properly care for their physical ailments properly.
Over the age of 65, people also run a higher risk for developing dementia. This can make living alone at home dangerous.
Falls
Senior citizens run a much higher risk of falling than the younger generations. Falls at this age can lead to serious injuries, hospitalizations, and even death. This makes consistent home health care important.
- Increased Profitability
The law of supply and demand states that when you increase the need for a service, the cost will also rise. This makes a home health care franchise an increasingly profitable business opportunity. Not only will you easily fill your patient spots, but you can charge more as the need of the population rises.
- Potentially More Government Assistance
As older adults decline mentally and physically, they tend not to work. This means they rely on social security.
While some can live off of their savings, many will struggle financially. This means that the government will need to step in, as they cannot allow such a large part of the American population to go without.
This could mean that home health care agencies will get paid by the government rather than private parties. This may also push the government to incentivize starting this type of business by offering grants.
The Aging Population Needs Care
America’s aging population undoubtedly needs more care. They will require more home health services than our country has ever before demanded, and you can be a part of providing this by getting into the home health care sector.
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