by Sarah Schwarcz, business development representative at Senior Planning Services
Recently, the national attention being paid to the home care industry has increased substantially. This is due to a variety of factors: the increasingly larger senior population, the changing face of senior assistance expectations, and the need for better in-home care, among others. If you’re considering owning and operating a home care agency, there are several reasons why now is the time to get started.
Based on our experience at Senior Planning Services with helping seniors with Medicaid planning for community living, we can share some thoughts on this burgeoning industry:
Low Overhead, High Profit Potential.
The cost of opening a home care agency for seniors isn’t particularly high. You don’t need many materials to get started. You’ll need a reliable vehicle, clothing that is both comfortable and professional, and a love for working with older people and listening to their stories. On the other hand, the potential profit can be very high. Seniors are paying an average of $19 an hour for quality in-home care, and the industry is in desperate need of new care providers.
Changing Senior Assistance Expectations.
Seniors aren’t content to simply go straight into a nursing home when they are no longer able to care for themselves. In-home care is no longer just a possibility for wealthy individuals; it’s an option that all senior citizens are considering as a normal step in the aging process. For many seniors, there’s a time when they are able to safely remain in their own homes, but need help taking care of everyday tasks. Opting for in-home care gives them the ability to remain in their own homes longer and live a fulfilling life as well as providing them with considerable savings when compared to a nursing home. On the other hand, many families are unable to take care of aging family members themselves. Mom and Dad can’t just move into the spare bedroom and assume that the stay-at-home spouse will care for them, particularly in today’s many two-income families. That means that in-home care is needed in order to ensure the quality of life that aging individuals deserve.
Increasingly Larger Senior Population.
The senior population is at an all-time high–and it just keeps growing. In 2000, people aged sixty-five and older made up 12.4% of the population. By 2030, that number is estimated to grow to as much as 19% of the population. As of 2011, the earliest members of the baby boomer generation had reached the age of 65. Not only that, the increase in the quality of medical care has made it possible for people to live longer than ever before. That means that there are going to be more people in need of these services than at any other point in American history.
Better In-Home Care is Available.
The medical advances of the last couple of decades have made it possible to provide a higher quality of in-home care than ever before. Now, the type of care that would only have been possible in a nursing home is available to individuals who wish to remain in their own homes–but someone has to be willing to provide it. Unfortunately, many families can’t physically bear the burden of caring for an aging relative alone–but they can often afford to pay someone else to come in and take care of those needs.
Over the next few years, home care agencies will likely see an unprecedented level of popularity as the entire in-home care industry has been slowly evolving . If you’re thinking about opening a home care agency, now is the time to do it! The need for this type of care is real. The demand is out there. All that’s needed is caring individuals who will shift their focus to senior care in order to provide for the needs of an aging population.
Sarah Schwarcz is a business development representative at Senior Planning Services, an industry leader in guiding seniors and their families through the Medicaid maze.
