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cont’d from page 10 the need for program-trained home health aides is expected to grow. The number of these workers is expected to rise by 56 percent over the next decade. The issues facing today’s seniors are not dramatically different from those of the past. What has changed is the number of people involved and the relatively short time period over which this dramatic change will occur. Rick Magill, a Comfort Keepers® owner in Nebraska, states: “Baby Boomers have ‘shaken up’ virtually every aspect of American culture and how and where they age will be no exception. This self-directed demographic segment will redeﬁne senior care and it will inevitably be focused on staying in their own home [sic]. Already we see evidence of communities establishing networks of the services required to age in home, and Comfort Keepers® services will be one of the key services this demographic will seek and be willing to pay for.” Paying for home care services, however, requires careful thought. Those who need medical care at home may qualify for payment through private insurance policies, Medicare and/or Medicaid. Those who need companionship or other non-medical services may end up paying for this assistance personally. Another option may be a long-term care policy, purchased early-on, to help pay a percentage of the cost. Many people may end up paying healthcare costs from personal savings or other equities, cash value from a life insurance policy, funds from the sale of a home or by tapping the resources of adult children. Cary Rotter, owner of the Comfort Keepers® home-care franchise in Memphis, Tennessee, says, “As a society, we must concern ourselves with providing the pay and beneﬁts to attract the requisite caregivers the Baby Boomers will need. And we will need to develop new models of partnership between the government and the private sector to mitigate the price burden of care.” It is still too early to tell how these issues will affect the retiring Boomers. What we do know is that some people won’t have the resources necessary to pay for healthcare, whether in-home or at a facility. We also know that many more health providers will be needed to serve the number of retirees entering the marketplace. Americans must address these issues quickly, beginning with Congress and spreading to facilities that train healthcare providers. Because Boomers are our parents and grandparents—or even ourselves— BoomerCare has become an issue for all of us. What does this mean? This demographic shift will place additional pressure on healthcare providers, especially geriatric specialists, who are already in short supply, and on direct-care providers such as nursing assistants, home-health aides and personal-care aides. In general, healthcare utilization and costs are expected to increase and healthcare inﬂation is projected to outpace overall inﬂation. There may, however, be a disproportionate cost increase as seniors take advantage of the vast array of new technologies available for managing chronic illness and promoting active lifestyles. Caring for an aging population will be a challenge for families and for the healthcare industry in general. With the current societal trend toward nuclear*, dual-income family units, the questions “Who will make sure Mom is taking her medications?” and “What will happen to Dad when he can’t live alone anymore?” become more pressing. The answers to these questions fuel the single factor driving the boom in a new and growing industry — senior care service franchising. Extended Care Services More and more franchise owners now offer in-home supportive care and assistance services for the elderly who want to maintain their independence. Among these providers are Comfort Keepers®, Home Instead Senior Care®, Right at Home ® and Homewatch CareGivers®. These franchises provide services which focus on non-medical, in-home companionship. A wide variety of additional home health services are also becoming available for those who need medical care but don’t necessarily need institutional care. 1 The Roper Organization for Modern Maturity Magazine website, The Aging of America, “From ‘Those Were the Days’ to ‘These Are the Days’— The Evolution of the Aging Population,” by Jennifer N. Brock, Summer ’98, Vol. XI #3, accessed at www.robinson.gsu.edu/magazine/aging.html 2 “Medicare Money Problems Trigger Warning,” by Julie Rovner, from Morning Edition, April 24, 2007, accessed from the National Public Radio website, www.npr.org/ 3 “Who will care for the baby boomers? As generation nears retirement, concern mounts over elderly care.” An Associated Press article from June 14, 2007, accessed at the msnbc website, www.msnbc.msn.com/id/19234042/ 4 Quoted from the U.S. Census Bureau website, “Facts for Features: Special Edition: Oldest Baby Boomers Turn 60!” CB06-FFSE.01-2, dated January 3, 2006 and accessed at www.census.gov/ on April 8, 2008. Portions of this article were inspired by information found at The Center for Mature Consumer Studies at Georgia State University website, www.robinson.gsu.edu/marketing/Centers/CMCS.index.htm * Nuclear family units contain parents and children only. No additional generations are present. W W W.SILVERSTONEGROUP.COM 36 http://www.robinson.gsu.edu/magazine/aging.html http://www.npr.org/ http://www.msnbc.msn.com/id/19234042/ http://www.census.gov/ http://www.robinson.gsu.edu/marketing/Centers/CMCS.index.htm http://WWW.SILVERSTONEGROUP.COM

Table of Contents Feed for the Digital Edition of SilverLink - Spring/Summer 2008

SilverLink - Spring/Summer 2008 Contents Risk Management: Mitigate & Educate Disastrous Distractions Accounts Receivable BoomerCare Risk Reduction, What’s Your Function? Time Out! Double Down Employee Benefits: Who’s Paying Whom for What? Time to Reconcile Keep Your Eye on the Pension Prize Show Me the Money Private Client Services: A Generous Strategy Is There Any Good News Left? Special Insurance for Special Times Client Spotlight: Omaha Performing Arts Internal Happenings: SilverStone Group Wellness Activities Group

SilverLink - Spring/Summer 2008

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