Suck it up | More men take on caregiver roles The Courier-Journal PHOENIX -- Ed Mitchell knew that in the next 10 days, he needed to take his wife, who has Alzheimer's disease, to music therapy, take his aging father to get a pedicure and take his...
Bob O'Toole's insight:
A variety of nationwide caregiver support programs can be offered by small eldercare businesses to health care systems, church organizations with aging congregations, community banks for older depositors, labor unions, insurance and financial services firms, and membership associations.
Our programs allow these organizations to provide a valuable service they can offer free to their members while costing the sponsor as little as .50 cents per member per month. There is only a minimal initial capital investment required for you to become "branded" and that is fully refundable.
Addressing caregiver support issues in the workplace is not just a benevolent response; it’s smart business, helping among other things retain workers. It is reported that companies reap a $3-$14 return on every $1 they spend on eldercare benefits.
The Price of Long-Term Care Keeps Rising ADVANCE for LPNs Further, long term care insurance is one of many possible solutions; however, it is important to explore each possibility, which also includes utilizing estate and long term care legal and...
Local Experts to Address Free Lisle Workshop on Eldercare Issues Chicago Tribune Seniors and their families will be able to navigate through the challenges they face and learn about ways to “Avoid the Pitfalls of the Elder Care Journey.” The...
One of five seniors older than 65 are scammed, says survey Alexandria Echo Press As part of the eighth annual World Elder Abuse Awareness Day, Minnesota Department of Commerce Commissioner Mike Rothman partnered with the state's leading experts on...
There were nearly 11,000 senior care agencies in the United States in the U.S. by the End of 2012
1,000 new agencies opened in 2012 alone!
As baby boomers age, there is an exponential increase in the number of senior care agencies opening across the United States to reach the demand for senior caregivers.
SENIOR CARE INDUSTRY SIZE: There are nearly 11,000 senior care agencies in the United States: 1,000 new agencies opened in 2012 alone! According to Caregiverlist.com, 77 senior care agencies have opened in just the Seattle, WA area since 2008.
SENIOR CAREGIVER INDUSTRY GROWTH SINCE 2008 40% growth in senior care agencies across the United States Nearly 4,000 senior home care agencies have opened
10 new franchise corporations began selling territories to new franchisees
1258 senior home care franchise locations opened 2,000+ independently owned/corporate locations opened 10,474+ senior home care agencies in operation nationwide *Source: From Caregiverlist.com subscribers and senior care franchise corporations
We are experiencing an exploding growth of providers-many of them with little experience or credentials (other than "I helped take care of my aging mother")-with nearly 80 million aging baby boomers with parents in their 80's and 90's that's a lot of "experts" .
Naive "elderpreneurs"are often blinded by statistics such as "More than 65 million people, 29% of the U.S. population, provide care for a chronically ill, disabled or aged family member or friend during any given year and spend an average of 20 hours per week providing care for their loved one."
But if their revenue model is based on elders and/or caregivers that must pay for services from their private funds, you can't follow that old bromide about starting a successful business that says "Find a need and fill it".
The problem is that "need" doesn't pay the bills. "Demand" does.
Just because close to 30 percent of American families need caregiver services and support, only a very small percentage of those folks can afford to purchase these services from providers using fee based models.
According to the most recent(2010) data from the census bureau the top-earning 20 percent of Americans are those making more than $100,000 each year. They received 49.4 percent of all income generated in the U.S.
At the top, the wealthiest 5 percent of Americans, who earn more than $180,000, added slightly to their annual incomes in 2010, census data show. Families at the $50,000 median level slipped lower. Source: http://www.census.gov – September 28, 2010
A person needing round the clock care at home due to the limitations caused by Alzheimer's disease, Parkinson's disease and stroke. Will need $73,000 at $200 per day and $109,000 at $300 per day to pay for just 1 year of care in 2010.
It's my sense that the private pay eldercare services market is becoming overcrowded.
I think that the fact that barely 10 percent of the "Need" can afford to buy the service means that new models of pricing and service delivery have to be created to serve more of that need.
Multi-generational mortgages to become the norm? Financial Reporter This has mainly been driven by economic factors – the squeeze on incomes and jobs, the cost of housing and the pressures of both childcare and eldercare.
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