According to a Press Release from PRWeb, the eldercare industry has an anticipated revenue growth of 5.2 percent per annum between now and 2016. This will amount to $319.5bn. Much of this escalation has to do with the increase in life expectancy as well as the post WWII baby boomers up for retirement.
Over the last few years, there have been other activities that have added to the effort to increase senior healthcare, especially for those who want to remain in their homes. For example, in 2010 the Patient Protection and Affordable Care Act was implemented which sought to bolster support for home- and community-based services such as home healthcare and social services. In 2011, figures for skilled nursing faculties made up the biggest share of eldercare services revenue, at 43 percent. But it is expected that this figure will not mark the largest growth over the next few years. Rather, home- and community-based services will take that position.
However, home and community based services (e.g., home health care, social services, assisted living) are projected to achieve the fastest growth. There is also going to be a continued effort to shift Medicaid payments away from skilled nursing in an effort to use more cost-effective community-based services. Since the general feeling among the elderly is that they would prefer to be cared for in their own homes, more home-based services are required for this reason too.