New Businesses Form As Boomers Age
With 10,000 Baby Boomers turning 65 years of age each day, there is an explosion of new businesses and concepts to meet the growing need of not only the boomers, but their aging parents as well. Below is a list of just some of the types of companies you may have come across or will come across in the future:
1) In-Home Care Companies (non-medical)
These are companies that at the very least do meal planning, housekeeping, errands and transportation. Some may also include assistance with activities of daily living (bathing, hygiene, transferring and eating assistance). There are several advantages to using an agency to find a caregiver. An agency screens caregivers for you, takes care of paperwork, and provides backup workers and insurance, among other things. If you decide not to go through an agency, you will need to carefully screen caregivers. You will also need to make sure you pay employment taxes and unemployment insurance.
2) Senior Move Managers
These organizations help seniors relocate, downsize, or liquidate their entire household. Some of these organizations specialize in clutter and hording. Senior Move Management is the profession that assists older adults and their families with the emotional and physical aspects of relocation and/or "aging in place." Senior Move Management professionals require a profound commitment to connecting with older adults and a desire to perform meaningful work.
3) Senior Placement Agencies
Services that work with families to provide assistance in helping find the best place for seniors to live and receive proper care. This is a very stressful process for families since most have never gone through finding a place for a loved one in an assisted living or a residential care home. This can be an extremely valuable service.
4) Technology for Aging Adults
The marketplace for technology to assist aging adults in the Longevity Economy is expected to grow sharply from $2 billion today to more than $20 billion by 2020. Most just think of Personal Medical Response Systems (PERS), but there are growing options fueled by the explosion of smart phone and tablet applications for caregiving of older adults. Just some of the technology includes preload e-Pill canister, automated med reminder, motion sensors, video call from grandkids, fall detectors and much more.
5) Senior Transportation Service
Though many in-home care companies provide this service, there are those that specialize in elderly transportation which helps non-driving senior citizens get to doctor’s appointments, visit friends, go shopping or run errands. These services hire well educated, outgoing drivers who also provide good conversation and companionship for the senior.
6) Senior Bill Paying Services
Bill Paying Services assists seniors who are able to make responsible decisions about their financial affairs but who may be physically impaired, have a debilitating illness, or have recently lost their spouse who was the sole manager of the household finances.
7) Music Therapy
Music therapists work with a variety of clients, from individuals with everyday life challenges to those with physical, emotional, social and cognitive challenges in people of all ages. The therapist will assess the client, then tailor a music therapy program to each individual’s needs.
8) Geriatric Care Managers
These are consultants that may have specific areas of specialization including dementia, care management, long-term care arrangements and home safety. These advisory services are particularly helpful for long distance caregivers and help connect the elderly with services to remain in the community with as much independence as possible. Though some may have training in social work, gerontology, nursing or counseling, this field is largely unregulated. It is important to do your homework before choosing a care manager.
9) Elder Law Attorneys
Though elder law attorneys have been around, there is a growth in this specialization including estate planning, trust administration, probate, conservatorships and elder abuse litigation.
10) Home Design and Products for the Elderly
Many caregivers are supporting and caring for loved ones in their own homes, though most homes are not designed for caregiving. Products in this growing field include chair lifts, wheelchair lifts, walk in showers, roll in showers, grab bars, bathtub grab bars, toilet safety rails, toilet grab bars, bathroom safety bars and more.
To learn more about these and other services provided for the elderly, check out www.ECRBayArea.com.