aging in place

IEEE wants to drive creation of a standard for AgeTech.  The global organization, long a player in the creation of standards across the spectrum of technology and engineering, has launched an ‘Activity’ called Technology Standards for the Aging (or AgeTech).The scope includes “terminology, human factors, usability, metrics, test methods, and interoperability for AgeTech products and services.” One possible output of this initiative is a certification of products or services that are in compliance with the standard.  Many already associated with the AgeTech topic are participating in this initiative, which is comprised of meetings and online discussion over a two-year period.

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 is a business opportunity as much as it is a personal strategy.  The apparent enthusiasm for aging in place has fueled interest among home builders. Consumer aging in place desires provide work for home remodelers, adding features that make a home more accessible as people age. But for older adults, the motivation for aging in place is also an economic necessity.  The monthly cost of moving into senior housing, above $5500 nationwide, is out of the reach of most people. Remaining in a home and planning modest remodeling modifications will be the approach for most who want to stay.

The 2024 media message touts aging in place. It’s what everyone wants to do, even those with homes that are difficult to navigate, long distances from family, and must have major modifications to enable remaining there. Yet you read this message nearly every week  -- Next Avenue lauds the benefits, sponsored by Lively from Best Buy Health.  Fortune tests home monitoring systems they say are critical to Aging in Place.  And USA Today publishes a survey that underscores the desire to age in place. So what is the market of tech that will support this goal?  AARP calls it AgeTech – and has a startup directory of new entrants, including categories of health, mobility, caregiving and more.  But that is a list, not a solution.