As more baby boomers shift into retirement age, the emphasis on geriatric care services to meet the elder population’s growing needs becomes greater. According to a statement released by Global Market Insights, Inc., the geriatric care services market size is estimated to see revenues of $1,101,800,000 by 2023. The elder care industry reached $684 billion in 2015, and will steadily increase over the next couple of years due to the increase in the retirement-age population, in conjunction with growing disposable incomes.
The largest contributor in the geriatric care services market is Medicaid’s institutional care centers, which reached $279 billion in revenue in 2015. Medicaid is a federally funded program administered by the states that provides medical coverage and long-term care to middle-to low-income persons, including the disabled and the elderly.
Institutional care centers covered by Medicaid are residential facilities and around-the-clock, comprehensive elder care services. Medicaid coverage may include hospital and physician care, prescriptions, home care, nursing home care and other health-related expenses. Medicaid eligibility is based on income and resource restrictions and, although anyone may submit an application, an individual’s criteria must be reviewed and approved through the application process.
P&P Medicaid assists clients in the preparation of Medicaid applications for eligibility. Our company also provides a full range of geriatric care management services to help individuals and their families make decisions about and supervise their long-term care needs. Please contact P&P Medicaid Consulting, Inc. at (516) 541-4770 for more information.