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senior living

Consider the potential for AI technology in Senior Living

You can read about AI -- it's discussed everywhere.  Searches reveal the many AI possibilities and current uses in healthcare. In fact, a Google search reveals multiple paid webinars you can attend today to learn more. Consultants are seizing the opportunity. You can read about AI’s trust issues in Harvard Business Review. (My favorite issue: ‘unknown unknowns.’) And check out healthcare investment in 2024. Follow the money – it might be in claims processing.  And as for care management, did we mention the opportunity for AI-powered digital experiences?  Some care will be delivered and supported with AI in the resident’s home, especially healthcare.

The User Experience Needs an Upgrade

As the pace of inevitable tech change collides with an aging demographic, companies will again seek user input as to what works, what is too much, and how best to utilize tech that can help older adults obtain what they need. This will be particularly required in healthcare, with an aging population consuming more time and needing more care. Accessibility features will simply become technology features, ending the distinction in time for this population to use tech that is optimized for them.

Aging in place -- moving costs money -- and so does staying home

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.

Who knows the current population and age distribution of older adults?

Publicly available up-to-date stats about the older adult population is weak or non-existent.  The most recent version of ChatGPT admits it cannot state the current population in the US that is aged 75+.  Nor can Google. This is somewhat surprising, given the angst in business and market predictions about the aging of the US population and the potential doom that it portends. But anyway, the answer is buried in Census tables. Would you be surprised to learn that there are 25.7 million people aged 75+ today?  That 14.8 million are women and 10.8 million are men?  Would it surprise that 42% of the 65+ population (60.5 million) is aged 75+?

Five trends that matter for older adults and caregivers in 2024 and beyond

The 2024 Technology and Aging Market Overview is online. It provides new information and insights about trends that drive technology change for the older adult marketplace. They represent the context for understanding new technologies discussed and featured in the report. This year is in many ways unusual -- the oldest baby boomer turns 78, AI investment and interest reached fever pitch, and the annual CES show had its highest turnout, with AI everywhere since 2020. These trends include the possible future role of AI, that can help address workforce issues and provide benefit over the coming months and years:

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