According to the US Bureau of Labor Statistics, employment in the Home Care industry is expected to grow by 54% by 2026, meaning roughly 738,000 jobs will be added to the sector to account for growing demand. Especially when compared to all industries’ average growth rate projection of 7%, it’s clear that the Home Care industry isn’t slowing down anytime soon.
The Home Care Industry is Anything But Stagnant
Here at Home Helpers® Home Care, we’re always keeping an eye on changing demographics, since an aging population means an increasing need for Home Care services and healthcare. According to future trends and predictions, the demand for elder care is going to grow because:
Life expectancy is increasing.
By 2050, North Americans’ life expectancy is expected to be nearly 85 years old — an almost 20 year increase from what it was in the 1950s. In fact, greater life expectancy is one of the main reasons why in less than two decades, older adults are projected to outnumber children for the first time in U.S. history.
Baby Boomers are entering their senior years.
One of the biggest driving forces behind the Home Care industry in recent years has been the aging of Baby Boomers who were, at one point, the largest generation in America. As the Baby Boomer generation ages, it could mean a 50% increase in the number of Americans ages 65 and older requiring care.
People want to stay at home.
Simply put, seniors across all older generations want to stay home rather than go into a nursing home or senior community. Today, nine out of 10 Americans over the age of 65 would choose to stay at home as long as possible. With a little help from us, we can make seniors’ dreams a reality.
It’s more affordable.
The Home Care industry is a rare example of when the thing people prefer is also the less expensive option. Typically, Home Care is far less expensive than nursing homes, making it more attractive to those on a fixed income.
Why the Home Care Industry is a Smart Investment
Home Care fills gaps within existing healthcare.
For many years, seniors had two options as they got older — move into an assisted living facility or a nursing home. Not only does Home Care give seniors more options to choose from, but it’s actually the most preferred choice.
Home Care reduces seniors’ healthcare costs.
When compared to seniors who live alone, those with Home Care reported 25% fewer doctor visits. This is because a Home Care assistant can both prevent certain accidents or illnesses (by keeping the house clear of trip hazards, giving medication as prescribed, grocery shopping for healthy food, providing companionship, etc) and react immediately if something were to happen, therefore preventing a more serious complication.
The Home Care industry is recession-resistant.
If there’s one industry that has persisted throughout difficult times, it’s home and health care. As an essential business during the COVID-19 health crisis, we’re working every day to provide our clients with everything they need to stay healthy, happy, and safe.
As an essential business, Home Helpers® Home Care is proud to be helping our seniors stay healthy and safe during these uncertain times. If you’re someone who’s looking to make a positive difference in the lives of senior citizens, become a part of our successful franchise!
Make someone’s life easier while delivering an exceptional experience by reaching out to our team at (844) 899-8801 or contacting us online.