The elder care services industry is growing fast. The industry, which includes home health care, skilled nursing, continuing care, social services and assisted living, is expected to have revenue growth of 5.2 percent annually through 2016, reaching $319.5 billion in that year, according to a report by the Freedonia Group. The growth is fueled by increasing life expectancy that results in demographic changes, and the fact that the “baby boom” generation is now entering retirement. Barriers to growth in the industry include efforts at the state and federal level to limit Medicaid and Medicare payments.
Home and community-based services such as assisted living, home health care and social services are expected to grow faster than other sectors, and growth by nonprofits such as government-related agencies and charitable organizations is expected to slightly outpace growth in for-profit revenues through 2016.
Medicare expenditures will continue to experience the fastest growth through 2016, while out-of-pocket expenditures and private insurance coverage will rise more slowly during the same period.
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