Elder Care Services

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Elder Care Services
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Summary
US demand to be driven by demographic
changes Through 2018, growth in US elder care
service revenues will be stimulated by
demographic changes, especially by the large
baby boom generation entering retirement years
and longer life expectancies. Both of these
trends will contribute to the rising size of the
older population. Growth in elder care services
will be further spurred by modified regulations,
as improved coverage of these services,
especially through Medicare, allows for greater
flexibility and more choices for patients. Elder
care service providers compete functionally with
informal caregivers, typically family members
however, a growing number of older adults either
do not have family members who are able to care
for them or simply prefer using professional
care.
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Home healthcare will be fastest growing
segment In 2013, skilled nursing facilities,
with 45 percent of the total, accounted for the
largest share of elder care service revenue.
However, home healthcare is projected to exhibit
faster growth. Advances will be driven by the
shift in preference among the older population to
age in place, remaining in their homes as long as
possible, as well as by regulatory changes that
improve coverage of these home-based services.
The ability of more seniors to utilize home-based
services rather than institutional care will be
further aided by advancements in medical
technology, such as remote monitoring and a new
generation of personal emergency response
systems. Continuing care retirement communities
(CCRCs) will also see growth, as housing markets
improve and housing values increase, boosting the
ability of elderly individuals to raise money for
the steep entry fees at CCRCs.
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More seniors appreciate the less institutional
feel and convenience of lifetime care from
independent living as opposed to skilled nursing
care at a single location. Social services (e.g.,
senior centers, adult day care, companion
services, non-medical home care or homemaker
services, respite care, and group support
services) will also see increased demand. Such
nonmedical care can postpone or negate the need
for more expensive skilled nursing facilities or
other institutional care services. The growing
availability of home and community based Medicaid
waivers will further benefit the market. Assisted
living provides similar non-medical care, but in
an institutional setting.
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Government programs will remain leading pay
source Government programs remain the leading
payment source for the elder care service
industry, despite efforts to rein in
expenditures. In 2013, Medicaid and Medicare
combined to account for more than half of
payments for elder care services. This dominance
makes elder care service industry highly reliant
on and reactive to government reimbursements
changes in reimbursement rates, coverage, or
eligibility can have a significant impact on the
industry. Out-of-pocket expenditures continue to
be essential for continuing care communities and
assisted living facilities, as many non-medical
care costs are not covered by Medicare or
Medicaid. Private insurance usage will see
aboveaverage gains in light of both the longterm
care insurance industry maturing as more seniors
have coverage and consumer concerns over the
governmentss ability to pay for future elder
care needs. Other payment sources include
charitable donations, private grants, and other
government resources such as the US Veterans
Administration.
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Table of Contents
INTRODUCTION ix I. EXECUTIVE SUMMARY II. MARKET
ENVIRONMENT General Demographic
Trends Macroeconomic Outlook Consumer Spending
Trends Building Construction Trends Business
Establishment Trends Service Sector
Outlook Healthcare Trends National Health
Expenditures Medical Conditions Chronic
Conditions Acute Conditions
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Contents, please visit Elder Care
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