Industry surveys and nursing home data are proof of what many people know in their hearts or by listening to their own elderly loved ones. Upwards of 90 percent of seniors typically say they plan to age in place, in the comfort of their own homes, and fewer are going to nursing facilities.
Statistics confirm that trend, as well. About 7.4 percent of Americans aged 75 and older lived in nursing homes in 2006, compared with 8.1 percent in 2000 and 10.2 percent in 1990, according to the Census Bureau's American Community Survey.
Growing older at home isn't always an easy option, however. The effects of aging, such as illness and typical senior conditions, including arthritis, can make older adults vulnerable to a variety of problems. Accidents can also easily occur in the home if seniors become disoriented as a result of issues with medication. But with more people wanting to age at home and more insurance companies willing to cover seniors who choose this route, home care is becoming an important long term care market.
Of the $3.3 billion in claims made in 2006 by the nation's long term care insurers, nearly half covered benefits for home care services, according to a study conducted by the American Association for Long-Term Care Insurance. This statistic, which is only expected to increase in coming years, will drive the demand for more products designed to help seniors stay at home.
So what is home care? It's really the kind of nurturing that families often provide their own loved ones. The problem is, many families need an extra hand because they're busy working or caring for their own families. That's why many must rely on outside professionals to do this job. Home care often revolves around keeping seniors comfortable, safe, and independent for as long as possible, either in their own home or wherever they call home, including independent and assisted living facilities.
Such care can address common activities of daily living, including eating, dressing, toileting, bathing, transferring, and continence. Home care can also cover the range of non-medical services such as companionship, light housekeeping, medication reminders, errands, and shopping. All of those services help seniors make the most of their ability to remain independent.
Home care costs vary by state. According to the American Association for Long-Term Care Insurance list of home care cost averages, which was compiled in 2007 based on an analysis of industry data, those costs can run from $15 per hour for homemaker or companionship services to $25 per hour for home health aides.
Learning about home health care
As a long term care insurance professional, how can you educate yourself about this important market sector? One place to start is by building relationships with home care professionals. Get to know those in your community who are working with seniors in their homes. You'll find these companies networking with other senior-care organizations such as senior centers, hospitals, and organizations dedicated to helping the elderly. Build relationships with these individuals and ask questions so that you can learn more about home care and pass this information on to your clients.
You can also build credibility among home care professionals and your clients by becoming an expert in your community. For example, you can partner with home care professionals to make presentations about the ways that long term care insurance can meet the needs of senior consumers in your area. Joining forces with these professionals in order to speak with business and community groups about how the industry can help seniors solve their long term care needs will lend credibility to your business in ways that you could not do on your own.
Next, you must gain an understanding of your clients and what they want for their senior years so you can deliver the right long term care insurance policies. When working with your clients, ask them this question: "As you prepare for your long term care needs, how do you envision your future?" Probe for their preferences for home health care and other avenues. Then, help your clients prepare for that future. Become their problem solver. The most valuable service you can provide is looking out for the best interests of seniors as they age.
Home health care is a growing market segment, and as such you should understand the nuances and importance of this sector. When you align yourself with professionals in this industry and fully understand the desires of your clients, you can help them achieve their goals and make educated decisions about their future care.
Paul Hogan is a cofounder of Home Instead Senior Care. He can be reached at 888-484-5759.
