Elder Care Services

Countries covered: United States US demand to grow 6.6% annually through 2011 Revenues for elder care services in the US are expected to increase 6.6 percent per year to $26.4 billion in 2011. Advances will be driven largely by demographic changes. Medical advances and trends toward healthier lifestyles are increasing the life expectancy of all age groups and contributing to the growing number of individuals in the older population segments. Such gains are augmented by the large, post-World War II “baby boom” generation that will be entering their retirement years. Growth will also stem from the rising cost of providing care on a per capita basis. Additionally, advances are spurred by the rising number of older adults who either do not have family members who are able to care for them, or simply prefer using professional care. Further revenue gains will be restrained by limitations on government reimbursements that have not generally kept pace with the rising cost of providing care, a particular concern because a large number of older adults rely on Medicare and Medicaid to pay for elder care services. Please Note: Freedonia requires that, for PDF orders, clients sign a confidentiality agreement prior to fulfillment of PDF email delivery.

Additional Information

Home health care to be fastest growing segment
In 2006, skilled nursing facilities accounted for the largest share of elder care revenues with 46 percent. However, the fastest growth is expected in the home health care segment where gains will be driven by the growing number of older adults who choose to have nursing care brought to them, as well as the increasing use of home- and community-based Medicaid waivers to pay for care away from more expensive institutional settings. Other elder care services, including continuing care communities, assisted living facilities and social services (e.g., adult day care, companion services and nonmedical homecare services), will also post strong gains.

Private insurance to lead gains among payers

Medicaid was the largest source for elder care service revenues in 2006 with 34 percent. However, private insurance is expected to post the strongest gains among payment sources as a greater number of older adults utilize long-term care insurance. The Medicare program is expected to post the second strongest gains as the eligible population increases. However, gains in Medicare and Medic reimbursements are subject to changes in reimbursement rates and payment structures. Out-of-pocket payments continue to be important, particularly in continuing care, assisted living and privately-funded social services. Other payment sources include charitable donations and other public resources such as Veterans’ Administration and Indian Affairs.

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