Aging in place is a business opportunity as much as it is a personal strategy. The apparent enthusiasm for aging in place has fueled interest among home builders. Consumer aging in place desires provide work for home remodelers, adding features that make a home more accessible as people age. But for older adults, the motivation for aging in place is also an economic necessity. The monthly cost of moving into senior housing, above $5500 nationwide, is out of the reach of most people. Remaining in a home and planning modest remodeling modifications will be the approach for most who want to stay.
Modifying a home or buying a new one is a starting point, not a finish line. In the 55+ communities, now euphemistically known as ‘active adult’ – are attracting the so-called young senior, those in their 70s. But there are many who are not so active after a while, where it becomes a struggle to remain independent into their 80’s and beyond. Likewise staying in independent or assisted living sections of senior living may become a struggle for seniors with dementia or worsening Parkinson’s – and the worry of their families.
It’s a dilemma – life expectancy at 65+ is rising – now averaging 20 more years. Furthermore, it is expected to continue to rise further into the 80’s by 2033. With 80% of the older population aged 80+ living with at least one chronic condition, greater longevity does not necessarily guarantee a long and healthy life. For those who are aging in whatever place, at home or senior living, their families may live far away – today long distance caregivers are on average 450 miles away. Or they are solo agers – representing half of women aged 65+. Furthermore, 43% of women aged 75+ live alone.
Technology is often touted as a solution to long-distance caregiving or solo aging. But the choices for families and older adults are a hodgepodge of disconnected widgets and soon-to-be-obsolete gadgets. Instead, as more technology firms evaluate the potential for partnering to form suites, combinations of AI-enabled caregiving apps will begin to emerge. These combinations of tools that can serve older adults and those who care about them, near and far, enabling them to be better informed during the multiple aging stages that are ahead. These AI-enabled suites will enable improved communication; remote monitoring of wellbeing; offer medication reminders for care recipients; making smart suggestions and communicate about tasks for family caregivers and more.
[See recent report: The User Experience Needs an Upgrade]
