The Changing Face of Elder Care Means A Call for More Services, Notes Estate Planning Attorney
Palo Alto, CA (Law Firm Newswire) February 13, 2013 – An elder care study shows a growing demand for elder care services and a growing interest in securing their future care.
The study analyzed the elder care market in the U.S., with historical data from 2001, 2006, and 2011, and forecasts for 2016 and 2021.
Elder care in a skilled nursing facility made up the largest percentage of elder care service revenue, some 43 percent, in 2011. But elder care advocates predict that community-based and in-home services, such as home health care and assisted living will be the faster growing market in the coming decade.
The trend toward more at-home and community care, instead of nursing facility care, may be in large part due to an ongoing push by state and federal agencies to shift patients away from the more costly care found in nursing homes and towards the more cost effective, community-based services. The shift is supported in no small part by the growing trend of elders wishing to stay in their own homes as long as possible.
The aging baby boomer generation (and an extended life expectancy for that generation) means revenues for home health care, elder care social services, assisted living, and skilled nursing are expected to skyrocket through 2015, to an estimated $319.5 billion.
"The elder care services market will also be restrained by overburdened state and federal budgets, as they attempt to curb Medicaid and Medicare spending," cautioned Michael Gilfix, Palo Alto estate planning attorney, "primarily by limiting patient reimbursement and by pushing less expensive care options on patients."
Meanwhile, analysts say Medicaid continues to be the frontrunner in the elder care industry for payments, in spite of state and federal efforts to curb spending. Medicare is expected to see the fastest growth annually, though changes in upcoming legislative policy and fluctuations in reimbursement rates may change that. Patients may see an increase in out-of-pocket expenses for care, and an increase in private insurance coverage, as more people purchase long-term care insurance.
To learn more, visit Gilfix & La Poll Associates LLP at http://www.gilfix.com/.
Gilfix & La Poll Associates LLP
2300 Geng Rd., Suite 200
Palo Alto, CA 94303
Telephone: (650) 493-8070
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