Who is the Competition for Aging in Place?

Who is the competition for Aging in Place?

All forms of service enriched senior housing. That includes ‘independent living’, congregant housing, Continuing Care Retirement Communities and the many forms of assisted living.

What are the differences?

1. In service enriched housing the home provider is also the service provider. This is convenient for them. They own the place. They set the rules. The problem for you is that their purpose is turning a profit, or at least staying in existence for many non-profit senior living providers. That means the convenience factor is in their favor. If your condition changes so it does not meet their ‘package’ you may be out on the street.

2. In Aging in Place you are the home provider. The advantage is you are in control. You set the rules. When you rise and when you sleep. When you eat and what you eat. Who visits and when. This is key because control is key to dignity, self esteem…independence.

The disadvantage is you must maintain the building, organize any assistance with your activities of daily living, assure that food and supplies are kept in stock, deal with the bills, organize transportation and much more. This is not the least bit easy.

Many communities and independent providers work hard to set up one stop shop or concierge services to help you handle all these factors. Geriatric Care managers also provide information and organizational assistance. There are also daily money managers and nurse case managers. Many home health agencies do quite a bit of this.

The problem is the job is even rougher when it is more important – when you are sick or recovering. Maybe you are out of the house for a month or more in rehab working hard to get back home. Who is checking on the house? How does all that needs to be organized occur at the right moment for your successful return home (called discharge)? Like fresh milk for your first cup of coffee and cereal back at home.

How do the various service providers needed for Aging in Place get coordinated so the right provider is doing the right job at the right time..to get the best result and the most economical result?

How does one pay for this? How does one plan for the expenses? Many products and service are available but how do you plan for those expenses over an uncertain time frame of illness and….life. None of us know what our health will be or how long we will live- sick and/or healthy. Unfortunately many services and providers say things like, “Our home monitoring gizmo (home health service, etc.) only costs $235/month…much less than the $4500 they charge at the assisted living in the neighborhood.” But this false comparison doesn’t help anyone. The assisted living provides much more… the roof, the heat, the shoveled walk, meals, bathing assistance, some transportation.

I wrote and the MetLife Mature Marketing Institute published Aging in Place 2.0: Rethinking Solutions to the Home Care Challenge last year to describe these issues in much more detail while also providing a vision of how it can work when a next generation Aging in Place,  Aging in Place 2.0, that includes the coordinated and dynamic management of the resources needed for Aging in Place develops.

This year I will be starting the Aging in Place Institute to answer the next questions..like some of those raised above. Subscribe to this blog to stay in the loop. And of course contact me if you want to help out. This is about OUR FUTURE!

Happy New Year!