Long-term care continues to grow as a national challenge for millions of families nationwide. In fact, two-thirds of people over age 65 will need long-term care in their lifetimes, according to the National Clearinghouse for Long Term Care Information. For the millions of family caregivers who need help finding and coordinating care, I see a real opportunity for the trusted advisor.
What’s a trusted advisor? The trusted advisor is that person families turn to when they need advice about a particularly thorny issue. It could be an insurance broker or agent, a financial planner or banker, a minister, friend or relative. Those thorny issues can be tricky to address because they so often lie outside an advisor’s area of expertise. Finding care for an aging loved one is increasingly becoming one of those issues.
If you serve as a trusted advisor, you have an opportunity to help your clients navigate their long-term care needs while strengthening their trust in you. Key to your success will be an understanding of the aging population, the emergence of a new kind of caregiver, and the growing sophistication of caregiving support services.
Growing Market, New Demands
Because Americans are living longer, long-term care is becoming one of the fastest growing segments in health care. In response, new services are introduced every day. As parents and grandparents live into their 80s and beyond, their wish lists, which often start with aging at home, create the need for new and varied services that take into considerations changes in living space, safety, case management, transportation, financial planning, and so on.
If you serve families who are facing a caregiving situation, you should be preparing now for this aging population boom.