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The growing demands of an increasing OLD Population

Friday, November 10, 2017

During November, we are exploring the idea of “old” from different viewpoints: from a provider of senior living, from an adult child, and from the perspective of a person 65 or older (is that really old? haha). You may also be interested in the introductory blog, How old is old really?

In addition to the extra years of life expectancy, now is a good time for older adults to be alive for many reasons. It is also an advantageous time to be involved in many service industries for older adults. We have witnessed an increasing number of services, commercials, and technology that are directed to older adults. Today's blog will explore how a provider of senior products benefits from the older adults of today.

Older Adult Population ExplosionGREATER NUMBERS RESULT IN GREATER DEMAND

As noted in the October blogs, America is greying. The first of the large group of Baby Boomers passed the 65 year old mark in 2011 with many more to reach 65 over the next 13 years. Additionally, Americans are living longer. With both of these trends, the number of prospects for residents of Life Plan Communities grows exponentially.

PROSPECTS ARE BETTER INFORMED

Generally speaking, the prospect who crosses the doorstep of a Life Plan Community today is very different from that of the 1980’s. In earlier years with a limited amount of history and experience with Continuing Care Retirement Communities (CCRCs or Life Plan Communities), sales counselors spent a great part of the sales process in the introductory stage, educating the prospect on the value and benefits of a Life Plan Community. Prospects were often stuck in the mindset of real-estate so that significant energy and explanations were required to differentiate between purchasing a smaller home and moving into a Life Plan Community. Prospects today typically have at least some knowledge of a Life Plan Community due to the experience of their family members or that of their friends. The internet and internet searches enable prospects to be better informed consumers before they meet with a sales counselor.

Older Adults and Technology UsagePROSPECTS WILL BE A PART OF THE PROGRAM

Boomers and many others past the 62 or 65 qualification age are different than their predecessors. Many of the today’s residents prefer involvement, engagement, and empowerment rather than the role or mentality of a passive cruise-ship guest. They want to be involved and affect the surroundings in which they live. This can be a boost to the Life Enrichment Program as it virtually increases its staff by each resident who volunteers to begin, implement, and manage new programs that are specific to their interests.

TECHNOLOGY AND ONLINE SERVICES COMPLIMENT OPERATIONS

Advances in technology and electronics also make the 21st century a good time to be a provider for older adults. Electronic charting has enabled record-keeping and record-storing to reduce its cumbersomeness. Electronic alarms and motion sensors allow providers an additional edge to detect potential difficulties of residents. Additionally, the advances made with online providers, many of which have specialized departments for seniors, allow a Life Plan Community to augment its basic services with services provided by outside businesses such as:

Yes, it is a great time to be an older adult! And it is a great time to be a provider of products for older adults.



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