Demographics point to growing opportunities in the senior care market
By Dave Willis
The Rough Notes Company
We’re getting older. In fact, as Jeff Collins, vice president, commercial lines underwriting, at Philadelphia Insurance Companies, points out, “On average, 10,000 people a day will reach the age of 65 for the next 20 years.” As we look to and past retirement, he adds, people will be looking for alternatives to traditional nursing homes.
“The first Baby Boomers turn 65 this year,” notes Bill Yurek, RPS-AVRECO area president. “As they age, we’ll see increased demand for added nursing home and assisted living facilities. At the same time, there’s a move to keep seniors in their homes—or living with family—for a number of reasons, not the least of which are economic.” This increases the demand for alternatives.
Among these are home care services—including the delivery of health care and adult day care. “It’s great when we can help people stay in their home, rather than have to go to a facility,” says Bryan Baird, president of K&B Underwriters, LLC. “I expect to see huge growth in some of these younger industries. Home health care, in my mind, is a great way to keep people dignified as they age.”