Trends To Keep An Eye On In The Senior Living Industry

Caring for older loved ones has been something many people do not think about. They see it as an obligation and go with it. Doing so presents both challenges and opportunities for caregivers and the senior living industry as a whole. Caregivers have to consider how long they will provide care and support, while those in the industry have to think about how to improve the level of care and support they provide. Understanding this, it is important to know the trends in this industry so we will be able to make better decisions regarding our loved ones’ senior care in the future.

Changing Demographics

The number of people reaching the age where they require senior care is increasing every year, but we are not yet at the level where we would say senior living facilities are getting cramped. According to Rural Hub, there are just over 46 million people over the age of 65 in the United States. By their estimates, about 20% of the US population will need senior living care by 2030.

This means that although there will be a need in the future, we are not there yet. The United States Census says we will get there by about 2028. The question becomes, does the senior living industry invest in new facilities right now or wait?

The numbers tell us the demand will be there in the future, so savvy players have already started investing for the future increase in the number of people who need their services.

Homes Away From Home

Senior living facilities are shifting towards providing living environments that resemble their residents’ homes as much as possible. There is a general shift from senior and assisted living facilities that used shared rooms – which had up to four occupants at a time – to single units that resemble apartments.

This shift has also led to a change in preferences, with many people looking at senior or assisted living facilities making the type of room or living arrangement a significant determining factor. Fortunately, they do not have to look hard because the best assisted living Norristown PA facilities have embraced this trend, intending to make their residents as comfortable as possible.

Shifting Service Trends

Another shift happening is the type of services people are looking for in the senior living industry. In the past, skilled nursing facilities and nursing homes were in high demand, but many people now opt for at-home and assisted living services.

This shift can be attributed to changes in customer preferences, where people now have much more control over where they receive long-term care. Additionally, the reimbursement of costs by insurance companies and programs that pay for alternative care options has contributed to this shift.

Active adult living, where seniors live in communities with everything they need, is also contributing to this shift. It is attracting seniors who do not want the responsibilities of keeping or maintaining a home, and who want to live on the financial gains of selling that home.

The senior living industry is changing in different ways. Insurance companies, industry players, and residents are all contributing to this change as they all seek something different from the industry.

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