Did you know that by 2030, the number of adults age 65 and older will nearly double to 70 million. With the life expectancy for Americans reaching over 75 years of age, the need for senior care will continue to grow as most baby boomers will wish to remain in their homes. In coming years, boomers will look to care providers who believe in this goal: giving patients care their way and doing it in the comfort of their homes, wherever those homes happen to be.
Families need to be armed with information and options to seek home care their way. Private pay home care will become part of the forefront of this movement. Why? The first wave of boomers started retiring in 2011, so they are anticipated to start needing home care—based on the average age that people need care, 85—in about 2030. By then, it’s likely that funding sources for home care will have shifted. Although Medicare expenditures are expected to increase from $18 to $40 billion, and costs for Medicaid are projected to grow to be about $80 billion, the largest payor, by far, at about $200 billion, will be private duty home care providers, or care that is not government reimbursed. The change will require clients, patients and family members to bear the cost through private long-term care insurance, personal savings, reverse mortgages, and other forms of out-of-pocket payment, some of which may not even be in place at this time. Keeping informed is key. Keep following our blog for the latest in senior care news!