Rise of the $300 Billion Senior Care Industry

One guarantee in life: if we’re lucky, we get older with every passing second. While some don’t mind the inevitability of aging, some would prefer to maintain their youth for eternity. In today’s day and age, people have more time to age than ever before. At the beginning of the 20th century, humans only lived to approximately 45 years old; now, people are living into their hundreds.

After the Second World War, the U.S. experienced a population surge due to an increase in birth rate. Today, those folks are known as Baby Boomers. With nearly 75 million individuals ages 51-69, Baby Boomers are currently the second largest living generation in the United States. That’s a 75-percent increase from previous aging generations – a growth that has fueled a greater need for elder care. In the U.S. alone, elder care is projected to be worth approximately $400 billion by 2018, and out of the many types of available care, in-home healthcare services is the second largest and fastest growing segment.

As loved ones continue to age, we are faced with the decision to find them care. Many people choose to become caregivers so their family members can age comfortably at home. However, because of this, it is estimated that U.S. businesses face productivity loss up to $33.6 billion per year from full-time caregiving employees who are distracted or take additional time off. In addition to the affect this has on our nation’s economy, family caregivers also face their own financial hardships, and risk the chance of developing caregiver burnout. The emergence of more in-home senior care companies, like Senior Helpers, will help to relieve the burden family members experience when caring for an elderly loved one. This relief will also benefit companies across the nation since employees will no longer need to worry about their family member during work hours.

The growth of the senior care industry will not only allow for more seniors to receive much needed care, but will also create more jobs for working generations. Generally, senior care facilities each require a certain number of Registered Nurses, Certified Nursing Assistants, social workers, operations staff and more. The in-home care industry also provides good employment opportunities for women and minorities (who, together, represent the majority of the personal care workforce), with job growth for aides projected to increase by 26 percent through 2024. Needless to say, the rise of the senior care industry will have a significant impact on the development of our nation’s economy.

So, when considering future business enterprises, or your next career move, consider the elder care industry. Boomers, and the generations beyond, will be here for a while.

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