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why does this matter?
Chronic conditions are becoming more common with the increasing number of older adults.
there is also a Support Shortage & Increase in Disability
More older adults, those with a chronic condition, and those with a disability will lead to an increase in demand for care.
Unfortunately, the price of that care will increase with healthcare related spending projected to increase.
This growing number of susceptible older adults is in addition to the 61 million (1 in 4 adults) Americans that live with one disability.
Additional Challenges & lack of support
These increases are in addition to challenges hiring new care providers and building new care facilities.
Direct Care Workers
Direct care workers include personal care aides, home health aides and nursing assistants.
The Bureau of Labor Statistics estimates that from 2016 to 2026, there will be 7.8 million direct care worker openings. These openings are the result of employees retiring, industry growth, and workers finding other jobs outside the field.
The demand for registered nurses is expected to increase 15% between 2016 and 2026, double the 7% growth across all occupations.
Many regions are having difficulty keeping up with this demand and filling the roles of retiring nurses. 73% of RNs ages 54 and older plan to retire in the next 3 years with 27% in the next year.
Assisted Living Care
The cost of assisted living is increasing rapidly. A shortage of skilled labor, low unemployment rates, and new overtime rules are causing a rise in operating costs.
Genworth Financial found that assisted living care’s cost increased 6.67% between 2017-2018 while costs increased 3.36% from 2016-2017.