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The rules for the benefits that Medicare Advantage plans could offer changed in 2019, opening up a range of new care benefits. The seven highlighted below are recent additions to help older adults age in place.
Pre-2019 care-related benefits have wide penetration, and most are growing more quickly than Medicare Advantage is overall. The top three benefits experiencing the faster growth are all new as of 2019: home-based palliative care, in-home support services, and telehealth.
Older adults are living longer and redefining aging, balancing their desire for autonomy with increased dependence on others. And they’re not doing it alone; 72% say their adult children are negotiating budgets and care decisions alongside them. Products and services in the following six categories are aimed at supporting aging Americans to have agency over how and where they live should remember the importance of marketing to their concerned kids as well.
Family caregivers for older adults overwhelmingly ranked health and safety as the primary factor in their aging-in-place purchases (just 14% ranked price highest).
Spending on products and services supporting aging in place has grown consistently since 2017, and that’s before COVID-19!