CNBC reports a dire picture for senior care: prices are rising much faster than inflation, and there is a labor gap for long-term care.
Specifically, the U.S. Bureau of Labor Statistics said the consumer price index rose 3% in September compared to the same time last year. Prices for nursing homes and senior care facilities grew more than 4% in the same time period.
As for jobs, Harvard Public Health estimates 4.6 million unfilled roles by 2032. McKnight’s Senior Living trade publication found the labor gap in the long-term care sector to be down over 7% since 2020, worse than any other health care sector.
Madison hosts a population of over 16% who are over 60. Some entrepreneurs are pushing for innovation in elder care as the population ages and more challenges arise.
