Being in the Long Term Care industry for older adults is a ever evolving and expanding field. A large contributor toward the speed of this evolution is due to the tsunami of Baby Boomers entering retirement. Seventy-six million American children were born between 1945 and 1964, this makes up almost 40% of the United States population. This particular cohort is hugely significant because of it’s size alone! ‘Baby Boomer’ has become the buzz word in the fields of economics, medical science & health, politics, technology, and architecture to name a few. I thought I would share a few developments that I personally find interesting and that are influencing the industry Reliant In-Home Care, LLC is part of.
Technology to help older adults age in place has gone far beyond fall-alert buttons and grab bars. Today, a host of sophisticated products are available on the market, including medication dispensers that can report to a family member when their loved one forgets to take a pill and shoes with embedded GPS trackers to find cognitively impaired wanderers.
My grandmother Ruth was practically deaf at 99 years of age and having a enhanced phone was a great success in helping her to keep connected with us long distanced grandchildren! California Telephone Access Program offers free specialized phones that make it easier to hear, dial, and easier to call. It’s also free to those who qualify!
One of the medical science advancements that can greatly decrease hospital re-admissions is the newly FDA approved ‘Digital Pill’. Re-admissions to the hospital for older adults puts a huge burden on the Medicare system, this new development is designed to help remedy the confusion regarding proper medication compliance.
Studies have shown that 70% of Americans will require long-term care services, writes U.S. News, and as most long-term care is paid for by Medicaid, a swelling boomer population could end up swamping the program in the years to come. A research study done by Fidelity showed that nearly 4 in 10 retiree households do not have sufficient income to cover their monthly expenses. Stats say that half of all Americans have less than $25,000 in total savings, this is not including the value of their primary residence or pension plans. One solution for funding Long Term Care that is gaining popularity is the Home Equity Conversion Mortgage (HECM Reverse Mortgage.) This is the only reverse mortgage insured by the U.S. Federal Government. According to research by the American Association of Retired Persons, 90% of seniors want to stay in their own homes as they age. HECM is a very viable option to ‘Use Your Home To Stay At Home’. I will be speaking about In-Home Care along with a Reverse Mortgage specialist on May 30. *Please tune in to: Real Estate Radio @ ESPN 1700 AM Thursdays 1-2PM with David McElveen to hear more about home care and optional funding!
This is an exciting time in the history of caring and providing for older adults. It’s not just about living longer but innovating new ways to assist baby boomers to thrive as we enter retirement and beyond. For skilled and compassionate home care solutions, let your friends, associates and family know that they can rely on Reliant In-Home Care to assist them in the evolving world of long term care.