America’s Aging Care System is Broken - We’re in trouble, But There is Hope

Millions of Americans, particularly those who have a health crisis, NEED help but can’t pay for care out of pocket.

My team and I, supported by the National Institutes on Aging, receives hundreds of requests from older adults and their caregivers who are desperately looking for help but can’t afford it on a monthly basis.

These individuals are often on Medicare, which does not cover long-term care. What are the majority of Americans suppose to do to meet their basic needs?

Many are forced to utilize other ways to pay, but are not eligible for Medicaid or other benefits so they are left without services, eventually leading to hospitalization when basic needs are left unmet long enough.

The cost of healthcare and long-term care is simply too high for the average lower middle class/ lower class American.

To solve a problem, we first need to understand it. The issue of high costs in long-term care is partially rooted in high labor costs. And as we all know, wages are not keeping up with inflation, so it is unlikely that we will see any change in the cost of long-term care. In fact, we will likely see the opposite.

With rising cost of inflation, coupled with the aging population, our society as a whole is sliding into a precarious situation.

We are not immune. We are one unexpected medical diagnosis away from sharing a similar fate.

Those on the unfortunate end of the equation deserve the support from the rest of us fortunate enough to have our health intact.

And if we find ourselves looking at this issue from an outsiders perspective, it’s only by the luck of the draw. The “glad it’s not me” mindset is very shortsighted because we can find ourselves in the very same situation at any moment.

The strive to be profitable has made a lot of companies in the space neglect those who are in the greatest need of support.

A possible answer: ironically, more capitalism—well more innovation.
In efficient markets, products and services trend towards the price of production as rival entrepreneurs view incumbents’ margins as an opportunity to innovate.

The convergence of robotics and artificial intelligence will likely create affordable ways for older adults with health issues to stay independent at home for longer for a fraction of the cost.

The future is defined by optimists. We need brilliant problem solvers thinking critically about this issue.

This is an issue that needs world class product design, operational savviness, business acumen, significant funding and much more.

All friends, colleagues, an interested parties, if this problem is one that excites you, please email me at [email protected]