Morris County Rises To Meet The Silver Tsunami

Author

Christopher Reardon

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Approximately 10,000 baby boomers are retiring every day. The number of Americans aged 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060, increasing from 16 percent of the U.S. population to 23 percent, according to the Population Reference Bureau. As a result, there could be more than a 50 percent increase in the number of Americans aged 65 and older requiring eldercare, the demand for which also will be driven by a steep rise in the number of Americans living with Alzheimer’s disease, the bureau states.

“The Silver Tsunami is upon us and it’s growing even stronger,” said Mike Stanzilis, vice president of membership at the Morris County Chamber of Commerce, who has seen a noticeable increase in
eldercare service providers joining the chamber. “The businesses associated with that are growing at a rate reflective of the largest generation ever to reach retirement age.” The eldercare service industry comprises skilled nursing facilities, home health care agencies, social services agencies, continuing care facilities and assisted living facilities, according to market research firm Freedonia Group. Revenues for these elder care service providers were expected to grow 6.3 percent per year, to near $400 billion in 2018, Freedonia reports.

Stanzilis has seen a particular growth in both in- home eldercare businesses and independent/assisted living facilities in the chamber. Unicity Healthcare provides in-home eldercare services through Unicity Homecare and aging planning and implementation solutions through Unicity Senior Advisors. “We provide a holistic approach to the family’s and individual’s needs and address those to fit the specific needs of the senior,” said Laura Jeros, the company’s director of business development. She said people living longer and being discharged from hospitals and rehab facilities earlier than in the past is leading to a 40 percent annual increase in demand for their services. “We’re seeing an increase in demand for multiple services in the home setting.” Back Home Safely provides in-home modification services to allow elderly to age at home. Co-founders Karen and Gregg Frank are a physical therapist and occupational therapist/certified aging-in-place specialist, respectively. The firm offers free home assessments and installs mobility and safety enhancement equipment such as chair lifts, ramps, grab bars and bathroom modifications.

The company went from 937 installation jobs in 2016 to 1,259 in 2019, numbers which do not include free assessments. “We felt someone who understands disabilities should be part of the home modification business,” Karen Frank said. “Our goal is to allow individuals to return home after a medical episode or simply to age in place in the home they love.” Sunrise Senior Living/Bright Gardens operates four facilities in Morris County offering independent living, assisted living and Reminiscence (Alzheimer’s) care. They also offer rehabilitative and respite care and short-term stays. Each of their facilities can accommodate between 80 and 120 resident.

Sunrise’s independent living communities offer on- call assistance and a variety of services while its assisted living facilities provide 24-7 services and social activities within a community setting. While Sunrise does not release growth data, Tracy Fishel, area manager of business development, said, “The increased need for memory care services is a  trend that we expect will continue for the foreseeable future. Every 65 seconds, someone in the U.S. develops Alzheimer’s, according to the Alzheimer’s Association. We’re proud to offer assisted living and Reminiscence programming within the same building at many of our communities, so residents can age in place.” Sycamore Living is a new facility set to open this spring offering assisted living and memory care, post- acute rehabilitation and long-term care services.

Sycamore is somewhat unique in that its projected 125 residents will live in neighborhoods of 18-22 members, with a centralized Main Street area offering dining, a wellness center, a movie theater and a virtual reality room to stimulate brain activity, according to Bruno D’Uva, managing partner. “It’s  kind of like living in a bed and breakfast among a small group of people,” he said. “This allows our residents to feel more interactive…We feel it’s a healthier environment.” There are benefits to Morris County from this growth in eldercare, according to  Meghan Hunscher,  president of the Morris County Chamber of Commerce, who noted that the county is even drawing elderly from New York City. “The good news is it’s fulfilling a need, it’s creating tax revenue for communities and it’s creating jobs,” she said. “Plus, you can care for a parent closer to home, which increases productivity in the workplace.”