The fastest growing demographic in the U.S. is the 65+ age group. By the year 2030, it is projected that one out of every five Americans, 70 million people, will be over the age of 65. As the “boomers” continue to age, this figure is expected to reach as high as 88.5 million. Kids born today will just be reaching adulthood in 2030. How will our changing population affect their career choices and options? One thing is for certain, there will be many more opportunities in the senior care industry, including both products and services such as:
|Home care||Medical equipment||Insurance|
|Home safety||Personal healthcare||Legal Services|
According to Franchise Help, home health care is the largest segment of the senior care industry among franchises, both medical and non-medical. The most common medical services provided are private nursing, administering antibiotics and rehabilitation assistance. Non-medical services most often include aiding seniors with chores, preparing meals, overseeing medication schedules, bathing and general companionship. First Research estimates that US home health care is a $57 billion industry.
As much of the financing for seniors is provided by Medicare, Medicaid and private insurance, all of which must function under set prices, businesses compete on quality, reputation, referrals and other subjective measures rather than price. Companies that excel at putting people, processes and systems together to provide top notch customer care and a positive customer experience will have ample opportunity to succeed in this industry now and well into the future.