A LUCRATIVE INVESTMENT OPPORTUNITY IN THE U.S.

WWith over 1,100 franchise brands in the United States, prospective franchisees have a plethora of options to choose from. Some opt for industries they are familiar with and brands they already know and love, while others base their decision on long-term growth and profitability. Among these choices, investing in a senior care franchise presents one of the most promising opportunities.

The demand for senior care service franchises is rising, given the aging Baby Boomer generation, with approximately 10,000 people turning 65 daily. According to the U.S. Census Bureau, the number of Americans aged 65 and older is projected to reach 88.5 million by 2050. Additionally, data from the Society of Actuaries reveals that a 65-year-old woman in the United States today has a life expectancy of 87.8 years, while a 65-year-old male can expect to live up to 85.8 years.

A survey conducted by AARP indicates that 86% of the 50-plus population in the United States prefers to age in place. This has led to a surge in in-home care service providers who assist seniors with daily activities, including cooking, cleaning, running errands, and personal hygiene. Opting for in-home senior care enables the elderly to avoid the high financial costs, loss of dignity, diminished independence, and reduced quality of life often associated with long-term care facilities and nursing homes.

The roots of the senior care industry can be traced back to the 1960s and 1970s, when government support and an increase in the life expectancy of elderly Americans led to its growth. In 1965, Medicare began providing federal funds for home care for the elderly, becoming the largest revenue source for home health care services and the country's biggest payer of health care services, spending nearly $650 billion in 2015, accounting for roughly 15% of total federal spending. Other funding sources for home health care include private insurance, out-of-pocket payments by individuals, Medicaid, and local governments.

While some families attempt to care for their elderly members, the changing dynamics of modern families, with many having two incomes and smaller sizes than previous generations, have prompted many people to seek assistance from third-party in-home senior care providers. According to the Family Caregiver Alliance, the ratio of potential caregivers to family members in need of care was 11 to 1 in 1990, but this is expected to decline to 6 to 1 by 2030.

Considering this trend, the increasing number of people reaching age 65, and the relatively high cost of nursing homes, the demand for senior care services franchises is expected to soar.

To learn more about senior care and health care franchises, read the articles in this issue and go to page 40 for the TOP 100 senior care and health care franchise companies list. Get in touch with them for further information.

Wishing you safety and good health,