Providing a Worthwhile Service to Elderly

Posted on 08. Oct, 2013 by in Business

It wasn’t that long ago where the only option available to the elderly should they become incapacitated and too ill to care for themselves or if there’s no family member to care for them was to go to nursing homes. With the advances in medicine and available health care, the elderly’s population are now living longer, healthier lifestyle. The rising costs in nursing home facilities have certainly opened doors for other companies more so entrepreneurs to offer more services to senior adults. Besides living in nursing homes, this growing segment of the population now have other options: assisted-living resident facilities and a much more cost-effective option of private home care services.
According to the data collected by NPDA (National Private Duty Association) from a couple years ago:
– Average annual cost of one nursing home resident is $69,715
– Average annual cost of one assisted-living facility resident is $36,372
– In contrast, 20 hours a week of home care services cost about $18,000

According to census data gathered by Home Instead Senior Care, a senior care franchise, an estimated 36.8 million people, or 12.4 percent of the U.S. population, are 65 or older. This figure is expected to double by 2026. Those older than 85 are expected to double from 4.7 million in 2003 to 9.6 million in 2030.

As the number of senior parents and baby boomers who will soon be preparing for their upcoming retirement continue to climb in the coming years so are the numbers of senior care franchises. These home care services have noticeably increased over the years as entrepreneurs take notice of the growing senior demographics. Senior adults who are not necessary ill but need assistance with their day-to-day living like cooking, cleaning, taking medication and personal hygiene are the ones who benefit the most from private home care services as they continue to live in their private dwelling.

As stated by the Franchise Business Review in their 2012 report “The definition of senior care and the core services provided by senior care franchises have broadened in the last two years.” What used to be primary home care which consisted of in-home non-medical services such as meal preparation, grooming and bathing, transportation and companionship to seniors have added newer services and wider demographics. Some of the new concepts now encompasses medical care, staffing solution, child and even pet care. In today’s tough economic climate many of these franchises have come to realize they could serve more diversified client base in their community besides the elderly. For example FirstLight Home Care offers non-medical home care just added dementia home care to their services in response to clients’ requests and family need.

So if you’re in the market for in-home service for you or your love ones make sure to check all the different home care services offered in your community.

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