You may not have considered it before, but the demand for senior in-home care services has never been higher than it is right now. There are many factors that are contributing to this need: baby boomers are getting older and are requiring more medical care and day-to-day assistance; people are living longer than they used to; and more people are opting to stay in their home rather than move to a senior care facility.
The following will provide you with an inside look at why the in-home care industry may be a great opportunity for you as a businessperson.
The in-home care services industry creates plenty of jobs
According to the Bureau of Labor Statistics, approximately 1.3 million additional jobs within the homecare field will be added through 2020. That equates to a 69 percent increase by 2020. The fact that in-home care is creating so many jobs makes it undeniable that it is a huge part of the economy, and a great field to get engage from a business perspective.
In-home care has become more affordable
Though many would believe that in-home care is too costly to appeal to a wide audience, an AARP study shows that this option is actually more affordable than alternate routes of senior care, such as living at a designated facility. The Huffington Post reports that the senior care industry is currently worth around $300 billion. By 2018, it’s expected to grow to a $400 billion industry.
Caring for aging family members can be an extremely time-consuming and straining practice for the caregiver. According to the Center for Retirement Research, six percent of adult children act as caregivers, with 17 percent of adults playing the role of caregiver to an elderly relative at some point in their life. These caregivers provide an average of 77 hours of care per month, which is bound to have an effect on their finances as well as other aspects of their lives. For many, the option of hiring others to care for their aging family members alleviates the financial strain of them missing work to provide this care. These factors contribute to the growth of this industry, as well as its increased affordability.
In-home care caters to the “aging in place” movement
The idea of seniors aging in their homes rather than being uprooted in order to receive care is a rising trend. Studies show that more than 90 percent of seniors polled stated that they’d prefer to stay in their home and receive care there, as it’s where they’re most comfortable. This makes the senior homecare field increasingly important, as more boomers are aging and needing increased care.
Contribute to the growing in-home care industry with a 2nd Family franchise
Now is a great time to become part of the in-home care industry! Have questions about our franchise, check out our home care FAQs page. Connect with the 2nd Family franchise support team to learn more about their available franchising opportunities near you.