Why Start an Elderly Home Care Business? Make Money and Affect Meaningful Change in Your Community
If you’re considering a new career, starting an elderly home care business is an excellent option that is as profitable as it is gratifying. Investing with the Executive Home Care team is not only a chance to get in on the “ground floor” of an unprecedented market boom, it’s also an opportunity to deliver the healthcare support that thousands of Americans require.
The feel-good implications of starting an elderly home care business are easy to understand; in today’s post, we break down the money-making opportunities that our franchise family is offering.
Money Making Opportunities in the Elderly Home Care Business
Investing with an elderly home care business is a highly profitable endeavor in 2017. Historically, the market has shown tremendous growth, and all projections are promising.
The Administration on Aging (AoA) reports that the number of Americans 65 years or older reached 46.2 million in 2014, representing 14.5% of the US population and roughly every 1 in 7 people. This number is only projected to continue to rise as the Baby Boomer generation settles into old age. By 2020, 1 in 5 people will be over 65. By 2060, America will house over 98-million older persons – more than twice what our infrastructure sustained in 2014 – and this puts an incredible strain on our nation’s healthcare services.
In particular, the demand for in-home senior care is growing. Individuals typically require in-home care when a long-term trauma, illness, or condition impacts their ability to maintain their health or household independently, but their desire to “age in place” is strong. The demand was strong nearly a decade ago; in 2007, 12-million Americans required long-term care services.
The following long-term at-home care statistics further illustrate the opportunities available to those willing to invest in our elderly home care business:
- Annually, more than 8-million people receive support from the five main long-term care services branches: nursing homes, hospices, residential care communities, adult day service centers, and elderly home care businesses. Today, the demand for elderly home care business services is greatest, with senior care companies like ours responsible for the well-being of over 4-million people nationwide. This represents a tremendous opportunity for prospective franchisees eyeing the senior care market.
- The majority of people who rely on long-term care services are seniors, but not all. Approximately 63% of people aged past 65 rely on elderly home care businesses like ours. For this reason, our elderly home care business caters to clients of ages and care needs.
- By 2050, the number of people relying on in-home senior care services will have doubled.
- Not all of those requiring at-home care have medical needs. Only 30% will have substantial long-term care needs. At Executive Home Care, we offer a variety of specialized care options, but many of our care packages cater to non-medical needs. This allows our franchisees to maximize their revenue streams and convert customers with different care needs.
- In 2012, almost 15% of the senior population were found to be living below the poverty line. Knowing this, it is important to invest with an elderly home care business with alternative financing options. With Executive Home Care, many of our clients are able to cover the cost of our services using long-term care insurance policies. Medicaid may also offer some coverage to those who are eligible. Other sources of coverage include auto accident insurance, Worker’s Compensation Insurance, Veteran Affairs, and funding by various religious and social service organizations.
Please visit https://www.executivehomecarefranchise.com to learn more about franchising with our team.