As the U.S. population continues to age, the demand for elder care services will continue to increase as well. According to analysts at the Freedonia Group, total revenue for skilled nursing home services, home health care, continued care, and assisted living facility stays could increase an average of 5.2 percent per year over the next few years. This could potentially mean $320 billion in revenue by the year 2016.
The Financial Impact on Families
Experts at Freedonia Group, a market analysis firm based in Cleveland, believe revenue should grow despite state and federal efforts to restrict spending on elder care. This push to control elder care costs will likely mean home health care spending will grow faster than spending on nursing homes – but this could also place additional burdens on families.
“Medicare and Medicaid will not be able to carry the burden without seeking additional tax revenue or forcing states to reduce allocations to other programs, such as education,” says Jesse Slome, executive director of the American Association for Long-Term Care Insurance. “You just can’t have everything unless someone is willing and able to pay.”
Families that wish to avoid relying on cash-strapped public programs should start making elder care plans now. A practical elder care plan should include:
• Long-term care insurance possibilities
• Plans for a dependable home care system or home care software, such as ClearCare
• Long-term care financing options
Planning Ahead for Home Care
As the majority of seniors – 90+ percent – prefer to live at home as they age, it’s important for families to plan ahead to make sure this will happen. Leaving important decisions until the last minute can lead to hasty choices that are not necessarily in the senior’s best interests.
Not only are the financial details of an elder care plan important, the ins and outs of home care are critical as well. Families will want to make sure that the home care agency they choose offers:
• Experienced caregivers
• Reliable scheduling, including back-up care
• Real-time visibility with a home care system or home care software
• Care providers that are bonded and insured
Agencies that provide superior levels of supervision, such as those that use ClearCare’s home care system and home care software, will be able to offer incomparable peace of mind. This will allow you to make other important decisions without having to worry about your loved one or the care he will receive.
Although the financial future of elder care may be uncertain, there is no question that the value of home care software will continue to rise. Working with an innovative home care system, such as ClearCare, helps families stay involved with their relative’s daily care. Communications are enhanced, and problems are solved easier than ever before. While safety concerns plague long-term care facilities, ClearCare’s home care system helps keep seniors safe in their own homes.
If your family has questions about creating a workable elder care plan, call one of ClearCare’s friendly representatives today. They will be happy to explain why home care software should be the most important part of your elderly loved one’s future.
