Baby Boomers are Getting Older - WHO CARES?

BABY BOOMERS ARE GETTING OLDER WHO CARES? Getting older is inevitable. Few people are comfortable thinking about aging and losing independence. Senior living communities that strive to support staying healthy and independent are faced with growing numbers of older adults, incomes down, health conditions up, and a wealth of new technologies hitting the market. How are communities supposed to deliver what is needed to meet the expectations of the current aging population? STARTL!NG FACTS 26% of the total U.S. population are Baby Boomers 65 280,000 The total number of Baby Boomers turning age U U is growing at the rate of per month. 65 of all baby boomers over have at least 1 living parent. 19,750,000 (O 2/3 of them will need long-term supportive care and services. Many will receive these services while living in senior and assisted living settings. HOW ARE THEIR NEEDS MET? Family members are currently paying the co$t. 18+ Spending an average of hours per week providing care to parents or other older loved ones. -2.5 hours extra per day on already full schedules. CAREGIVING VS MEDICARE SPENDING Economic value per year That's close to the Medicare spend each year $450,000,000,000 $509,000,00,000 WOW! HOW IS ALL THIS INFORMAL CAREGIVING FUNDED? 55% dip into savings retirement plans 13% sell possessions 11% sell their homes borrow money 12% from friends/family 6% take out a loan 2% get reverse mortgages People are driving themselves into poverty, then Medicaid kicks in. 2013 AVERAGE COSTS OF LONG TERM SUPPORTIVE SERVICES AND CARE Lll PER MONTH $6210 $6900 7000 6000 5000 |$2280 $1950 $3450 4000 (*4 hrs/day) 3000 (S65/day) 2000 1000 Nursing Home (semi-private (private room) Part-Time Adult Assisted Nursing Home Home Health Day Care Living Aide room) SENIOR LIVING COMMUNITIES ARE EXPERIENCING: Increased age and Occupancy Down complexity at move-in More health problems Ool Marketing Costs Up at move-in WHAT CAN (MUST) BE DONE? Transition from sick care Address early risks in health care to better manage the spiral of decline. to health care. As many as of long term care community-dwelling adults are socially isolated. SOCIALLY ISOLATED PEOPLE HAVE: 26% 25% 4x higher risk of death within 7 years more likely to die if they have more likely to be re-hospitalized within a year of admittance heart disease is a predictor of SOCIAL ISOLATION functional decline and even death, The cost and anguish of social isolation is too high. WHAT WOULD SOLVE THIS? TV – the technology that older adults are already using, enjoy and are familiar with. TV WATCHING INCREASES WITH AGE: 205 hrs/month Traditionalists 174 hrs/month Baby Boomers 133 hrs/month Gen X 107 hrs/month Millenials 1 month = 120 hours CHANGE THE USE OF THE TV FROM PASSIVE VIEWING TO ACTIVE SOCIAL CONNECTION. Social engagement: • Photos o Video Chat • Email Lo Facebook Integrated Monitoring: Health • Environment • Safety Activity Reminders: O Medications O Appointments LO Birthdays Independa has partnered with LG Electronics to create the first and only TV with embedded senior services. FIND OUT MORE AT WWW.INDEPENDA.COM SOURCES: Pew Research Center: Baby Boomers Retire (2010) www.pewresearch.org/da ily-number/baby-boomers-retire/ Genworth 2013 Cost of Care Survey (2013) www.genworth.com/dam/Americas/US/PDFS/Consumer/corporate/131168_031813_Executivet20Summary.pdf Genworth Beyond Dollars (2010) www.genworth.com/content/etc/medialib/genworth_v2/pdf.Par.65700.File.dat/Beyondt20Dollarst20FINALE20109048_093010_secure.pdf Nielsen s BoomAgers: Introducing Boomers: Marketing's Most Valuable Generation (2012) www.nielsen.com/content/dam/corporate/us/en/reportsdownloads/2012-Reports/nielsen-boomers-report-082912. pdf www.medscape.com/viewarticle/769914 Nicholson, N. (2009). Social isolation in older adults: An evolutionary concept analysis. Journal of dvanced Nursing, 65, 1342-1352. Nicholson, N., Molony, S., Fennie, K., Shellman, J., & McCorkle, R. (2010). Predictors of social isolation in community 1iving older persons. Unpublished PhD, Yale University, New Haven, CT. INDEPENDA Redefining Independence ......