Healthcare for seniors is in dire need of innovation
There is a dire need for innovative healthcare for seniors. The big reason is that the population is aging and healthcare is expensive. It is estimated that healthcare costs will exceed $1 trillion in 2020. That’s almost a third of U.S. GDP. Healthcare for seniors is a huge issue. What’s happening? The baby boomers are aging. In 2020, there will be 100 million boomers aging 65 and over. These are people who have paid into the system and deserved healthcare. They’re also people with expensive healthcare needs. The medical technology is advancing, but the healthcare system is not keeping up. In 2020, the average life expectancy is 78 years. In 1850, the average life expectancy was only 47 years. In 1970, the average life expectancy was 78 years. But by 2020, the average life expectancy is projected to be just over 85 years. That’s a 10-year increase. But there are also cost issues. Healthcare costs are going up faster than inflation. In 2020, the healthcare cost for a typical person is projected to be $11,219. That’s an increase of 13%. What can we do? There are a