The more things change – some trends dominate. As the demographics change, couples age at different rates, life expectancy grows among the 65+ --averaging 20 more years, the oldest population growth rate outpaces younger demographic segments. As the oldest baby boomer crosses 80 in the next few months several trends will drive technology adoption in distinctly new ways. As a result, the market for tech will need to accommodate a series of changes, sales methodologies and market opportunities. A worsening labor shortage will continue to plague the senior care sectors, including senior living, nursing homes, and in-home care. What are the drivers that should attract innovators in the older adult tech industry?
Home care is a labor-intensive business. And as everyone can see, labor is increasingly a scarce resource, likely to seem ever more scarce -- as the boomers age into their 80’s and beyond, their population outpacing the growth of the care workforce. While there are many articles that will describe the 'aging tsunami' and worrisome lack of workers to care for the oldest, few technology solutions have entered this market up to now. How can AI tools participate appropriately in home care and home healthcare? What are some of the circumstances that make this the right time to consider? And what are examples that indicate potential? Suggestions of offerings and interviewees are welcome.
Is aging in place a smart strategy? Here we go again. In a brand new and similarly rosy article in the Wall Street Journal, more of the same mediocre advice is offered about how to prepare. Have a frank talk with family members. Maybe do some home modifications (those rickety stairs? Or a $20,000+ elevator), or address that lengthy distance from a supermarket? Maybe the 3-4% of older adults with long-term care insurance will pay for home care that averages $24,000/month for round-the-clock care. Hmmm. Or voice-activated devices, says an AARP exec, will be helpful for his long-distance aging parents. Says a family, we want Mom to stay in her house, and so we pay $4000 per month for care, because staying in her house is keeping her alive. Really.
Aging in place -- sounds good, but for many, it won't work. The optimistic older adulta like their home -- and they tell survey firms that they're going to stay. We've heard this before. Ironically, in those days, it may have been a practical idea -- but as older adults age into the years in which they need care, the rising cost of the care they need may outpace their ability to pay, so what then? Family members help out if there are any, if they can, if they're nearby, and if they are willing. A lot of ifs. For the rest, we are entering a period in which more creative options will be needed and some old words, like 'roommates' and 'co-housing' will resurface.
You know homeowners plan to ‘age in place’ – repeated across all surveys. It makes sense to them – they like their homes, locations, their familiar neighborhoods, shops, their friends, and neighbors. Statistics underpin the goal for 93% of adults 55+. And they are willing to spend on services to enable them to remain there – home security, food and supplies delivery, and transportation services if they choose to or must go places without driving. They have fueled growth in the home remodeling businesses, spending on bathroom modifications and other aging-related enablers, especially home care – which may be an out-of-reach luxury for many.
Home care is a labor-intensive business
Is aging in place a smart strategy? Here we go again. In a brand new and similarly rosy 
You can read about AI -- it's discussed everywhere. Searches reveal the many 
Aging in place -- sounds good, but for many, it won't work. The optimistic older adulta like their home -- and they tell survey firms that they're going to stay. We've heard this before. Ironically, in those days, it may have been a practical idea -- but as older adults age into the years in which they need care, the rising cost of the care they need may outpace their ability to pay, so what then? Family members help out if there are any, if they can, if they're nearby, and if they are willing. A lot of ifs. For the rest, we are entering a period in which more creative options will be needed and some old words, like 'roommates' and 'co-housing' will resurface.
You know homeowners plan to ‘age in place’ – repeated across all surveys. It makes sense to them – they like their homes, locations, their familiar neighborhoods, shops, their friends, and neighbors. 