Did you know? Two-thirds of people will need some form of long-term care at some point in their lives -- according to Genworth Financial's Cost of Long-term care report. This is no doubt due to the two chronic conditions we will, on average, experience once we're over age 65. That includes home care work, which according to their survey, represents a median rate of $18/hour for a non-Medicare-certified home care aide, growing at under 2% over the past 5 years. Including Medicare-certified health care (some nursing, perhaps telehealth nurses), the median rate is $46/hour, growing with a 5-year growth rate of 13.6%. For comparison, the nursing home median rate is $183/day (24 hour staff of aides), growing at under 5% annually.

Nursing homes may be the most cost effective, unless... First of all, even though today we seem to be in a 'no nursing home, no way' mindset -- it may be at some point in the future that the pendulum will swing back to nursing homes as the more economical place to be when 24-hour Medicare-certified care is needed. Once Medicare coverage expires we are going to be abandoned to our own devices...

...Remember that technology has lowered the cost of every other industry. If, as we seem to insist, we want to be in our own homes, then what can drive down the cost of that home care? Will it be telehealth diagnostic technologies for chronic conditions as validated by the VA (see our Trends page)? Will it be smarter in-home monitoring of our well-being -- including safety and medication adherance? Will it be comprehensive transportation services like SilverRide that bring us to where we can interact with others? Or will it be virtual interactions -- using cheap cameras that connect us to doctors?

To learn more, I guess you'll just have to watch this space.

So that we pick up the pace of awareness, this month we have launched a section of the home page (right side) of the site for Vendor Press Releases -- for example this one from last week about Wellaware.  Send 'em along.

We have also renamed "More Readings' to clarify that these are 'Related News Artilcles' about aging-related topics, pulled the links into a tab called (surprise) Links and cleaned up both the Trends page and the site's category names and descriptions. Your feedback is welcome!

Our vendor of the month is Connect for Healthcare -- a system to enable family members (especially long-distance) to receive updates from -- you guessed it -- long-term care providers (site is ConnectforHealthcare) -- a single structured source of information.

Key blog entries from the past month:

PERS device for mobile seniors -- or cell phone in the pocket? Go with the phone. So let's say you live in an isolated location, leave the house to go out to a garage or walk the dog, how useful is a PERS pendant or watch? 

Vendors, capitalize on boomer/senior attitudes and broadband adoption. Not so surprising, and despite the Beatles and the under-30 set, the Pew generation gap study observes that for those in middle age, old age begins at 70, but that when you're over 64, you think old age begins at 74. Moreover, 60% of those over the age of 65 feel younger than their actual age. And 30% of 65+ now have broadband.

Vendors should seek geriatric care managers (GCMs) as a marketing channel. Geriatric care managers are typically trained and certified in coordinating care needs of seniors, referred by MDs or engaged by family members, particularly in long-distance care situations. They can be drawn from fields like social work, nursing, occupational therapy or other specialties. Practices can employ multiple GCMs and can be quite lucrative businesses. So why does this matter to vendors?

Lots more insights, observations in the blog -- hope you wend your way around it yourself -- and consider offering a market-watching contribution for review and post.

That's it for July!

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All the best,

Laurie Orlov

Founder, Principal Analyst, Aging in Place Technology Watch