Baby boomers could be a challenging cohort for the home care industry to serve, according to Right at Home’s new President and CEO Margaret Haynes. In a recent McKnight’s Newsmakers Podcast, Haynes said boomers could be more demanding in the kinds of services they will expect from the industry.
“We are monitoring and studying what is this consumer’s preferences and desires,” Haynes said. “Baby boomers are very experiential consumers, so how can we meet that?”
The first of the nation’s nearly 72 million baby boomers turned 65 more than a decade ago and are expected to begin requiring home care services in large numbers within a few year. The demographic has also sparked rapid growth in Medicare Advantage plans, which offer a variety of supplemental benefits, including transportation, meals, social needs benefits and even handyman services. Right at Home is part of the HomesRenewed Coalition that is pushing Congress to let consumers pay for home modifications with funds from pre-tax retirement accounts.
Although the large numbers of baby boomers could exacerbate the current caregiver shortage, Haynes believes the demographic could also help solve the crisis.
“As we think about what the caregiver looks like, we could have more retirees that serve as caregivers,” Haynes said.
Haynes was named president and CEO of Omaha-based Right at Home last month. She previously served the company as chief operating officer. The company provides personal care, companion care, nursing care and speciality care in the U.S. and seven other countries.