Adults 65 years and older now number 40 million in the United States and that population will grow to 70 million, or nearly 20 percent, of the country’s total population, over the next 25 years.
Two factors are contributing to this senior population explosion — longer life spans and the aging of baby boomers.
“Ten thousand new people turn 55 every day,” said Edward (Ed) McConnell, vice president at Assurance, an independent insurance brokerage based in Schaumburg, Ill.
Assurance launched its Senior Living Practice 22 years ago and it remains a valued niche. “It’s one of our top two growth markets,” he said.
In 2012, there were 58,500 paid, regulated long-term care services providers serving about eight million people in the United States, according to the National Study of Long-Term Care Providers, which was conducted by the Center for Disease Control’s National Center for Health Statistics.
Long-term care service providers include adult day services centers (4,800), home health agencies (12,200), hospices (3,700), nursing homes (15,700), and assisted living and similar residential care communities (22,200).
The numbers of people being served by this market are substantial: for each day in 2012, there were 273,200 participants enrolled in adult day services centers; 1,383,700 residents in nursing homes; and 713,300 residents in residential care communities. In 2011, about 4,742,500 patients received services from home health agencies, and 1,244,500 patients received services from hospices, the study said.
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