The last of the Baby Boomers will turn 65 in 2030. How will we care for the largest population of seniors ever in America? Personal care homes are an excellent alternative to aging in place and provide a close community.
The Population Is Aging Fast
The U.S. population is graying. According to the Administration for Community Living (ACL), 17.3% of the U.S. population was aged 65 or above in 2022. By 2040, this figure will rise to 22%.
The aging population will have numerous impacts on society. Demand for healthcare and other senior services will grow, whereas many industries will have a hard time finding new workers as experienced workers retire. For senior living facilities, this means that hiring will need to increase both to keep up with rising demand and to make up for the loss of older workers.
Technology Could Provide Needed Care
It is often difficult to meet the needs of an aging population, but technology may provide support in the future.
According to MIT Technology Review, Japan – which is also experiencing an aging population – has been working on robots to help care for the elderly for about two decades now. However, so far, robots may be creating more work for caregivers instead of less – at least with their current proficiency. For example, a robot designed to lift residents proved to be too cumbersome and time consuming to use and did not succeed in lifting most residents comfortably, so caregivers soon stopped using it.
However, some forms of technology could prove useful. For example, smart pill dispensers help the elderly manage multiple prescriptions safely, whereas GPS devices help caregivers track dementia patients who wander. Although technology likely won’t replace the need for human caregivers, it may make work easier for them.
Aging in Place Is Popular But Not Always Possible
The University of Michigan National poll on Healthy Aging asked adults between the ages of 50 and 80 for their opinions on aging in place and living independently. The poll revealed that 88% of older adults believe it is important to remain in their homes for as long as possible. However, only 15% had given a lot of consideration to what home modifications might be necessary to make this happen. Additionally, 28% reported living alone and 40% were unaware of places or organizations in their community where older adults could socialize, exercise, or participate in activities.
Although the desire to stay in one’s home and live independently is understandable, it is not always possible and may not even be the most enjoyable option for many older adults. Seniors who are struggling with health issues and loneliness may want to stay in their homes because the space is familiar and they fear change. However, if they move into the right facility, they may find that they are much better off.
One issue might be that many people are thinking of nursing homes rather than other options, such as assisted living facilities and personal care homes. Although some seniors require the level of care provided by nursing homes, many can receive the support and socialization opportunities they need at assisted living or personal care facilities.
Embracing the Future of Senior Living
More than 10,000 people turn 65 every day. Senior living facilities can increase their readiness to meet this growing demand by focusing on four key areas:
- Community relationships. Activities that foster community involvement (such as field trips or inviting members of the community into your facility for events) provide enrichment for residents. At the same time, they showcase your vibrant facility and attract new residents.
- Technology is continuing to develop – and may become a game changer in the future. Test the innovations that are already proving to be effective (such as GPS trackers and smart pill dispensers) and keep a close eye on senior care technology trends.
- Caregiving is often a stressful occupation. To prevent burnout and turnover, it’s important to provide a supportive environment. This includes providing benefits to help workers recharge and manage their physical and mental health.
- Risk management. As the aging population grows, so will risks. Review your policy with an agent who specializes in insurance for adult care facilities at least once a year to ensure that your insurance policies provide sufficient protection.
Is your risk management program ready for the future of senior living? Tangram provides residential care facility insurance through the Personal Care & Assisted Living Insurance Center (PCALIC). Learn more.
This article is brought to you by Tangram Insurance Services.
