Long Term Care and the Home Healthcare Opportunity

Long Term Care InfographicThis article presents statistics about the Home Healthcare Opportunity (see more statistics) and an infographic about Long Term Care costs (from Northwest Mutual).

“We can save Trillions by moving at least 50% of healthcare services from institutions to homes.” (Eric Dishman, Intel)

  • Boomers have a “fierce” desire to remain independent.(AARP)
    • >90% of people 65+ want to age at home if safe as long as possible.
    • This will lead to an expansion of organizations offering home- and community-based care.
  • Avg. Nursing Home private room = $83,000 a yearin 2010. Assisted Living rent = $39,000 a year. (MetLife)
    • Avg. Independent Living Community = $32,000/yr (Long Term Living Magazine)
    • Avg. In-Home Care = $18,000/yr (health aid, meals on wheels, maid, etc.)
  • Global Home Healthcare market = $40.5 billion  in 2009, growing to $67 billion by 2016 (GBI Research)
    • US Digital Health market = $5.7B by 2015 with 55% CAGR (Parks Associates)
    • US Home Remote Monitoring = $295M by 2015 (Frost & Sullivan)
    • US Remote Patient Monitoring = $7.1B in 2010, with 25.4% ACGR and 2015 estimate of $22.2 billion (Kalorama Information)
    • Health & Fitness Apps market = >$400 million in 2016 (ABI Research)
  • Global mHealth market = $10B by 2016 (mHealth Networking Group on LinkedIn)
    • With over 72% of the globe connected via mobile technology and over 60% of US physicians owning tablet devices, the promise of mobile health to profoundly impact, on the delivery of healthcare cannot be understated.
    • Most of these physicians are using iPads and about half of all tablet-toting physicians use the devices at the point of care.
    • Asia Pacific mHealth market = $7B by 2017 (GSMA)
    • >20,000 medical/health apps = 3rd fastest-growing, with 60% aimed at consumers vs. health professionals
  • U.S. Health Care Fraud = $80 billion per year. (conservative estimate from CNBC’s Health Care Hustle series)

 

Long Term Care: A Comparison of Assisted Living and Nursing Homes

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3 Responses to “Long Term Care and the Home Healthcare Opportunity”

  • I was lucky that my elderly dad had bought long term care insurance BUT he had not understand the true cost.  His plan covers only $150 a day while his costs are $180 daily (prescriptions run about $1,000 a month on top of that).  We are lucky, this is well below the national average and he has a highly ranked nursing home in lower Alabama taking care of him. I was also smart to buy a secondary Medicare coverage plan that more than paid for itself within months (it covered from day 31-89 in his first nursing home visit).  Most long term care plans don’t kick in until after day 90. Great infographic and thanks for sharing!!

  • *It is actually better to age at home rather than at an institution where you don’t’ really know the people taking care of you. It’s still best if the family can stay by your side during aging.

  • [...] Long Term Care and the Home Healthcare Opportunity [...]

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