The baby boomer bubble is creeping up in age and along with that comes plenty of opportunities to make money. What will this generation need ― and be willing to pay mightily for? Figure out the answer to that question and you’ll be rolling in the dough. Here are some ideas to get you started:
1. A better colonoscopy prep.
The current standard requires that before the doctor sticks the tiny camera up your you-know-what, said doctor wants to be assured of clear sailing, so to speak. That means colonoscopy patients aren’t allowed to ingest anything but clear liquids for a day or so before the procedure and then are forced to take repeated doses of a mega-laxative ― something akin to a gastrointestinal atom bomb. This laxative will keep you in the bathroom the entire night before and ensure that you are a zombie for the procedure, which is also probably part of the plan.
Ask anyone why they dread having a colonoscopy and they will point not to the tiny camera but to what comes before it. There must be a better way, and whoever develops a better colonoscopy prep kit will become seriously rich. Oh wait, I think it’s called a virtual colonoscopy where none of the above happens. Not without controversy though.
2. Caregivers who actually care.
Sorry, but the current state of the paid caregiving work force is an abomination. The annual turnover rate of some nursing home staffs exceeds 100 percent! That suggests that not only do the jobs themselves pretty much suck and pay poorly, but also that the people hired to fill them aren’t exactly the most committed crop in the field. Let’s face it: There is just no way to feel good driving away and leaving Grandma in a place that smells bad.
What would it take to improve the quality of caregivers? Easy: Find people who are invested in the patient and pay them for their time and work. The most-invested people are family members and friends, people who actually know and love the patient. Why do we make it so hard for family caregivers ― expecting them to disrupt their lives and livelihoods ― to care for their loved ones? Pay them, reimburse them for their expenses, and give them a respite once in awhile.
3. A roommate matchmaking service for communes.
We are 110 percent convinced that there will be a return to communal living arrangements in the not-too-distant future. In many cases, they will be formed naturally as groups of friends decide to live together for financial reasons. While money may be an early motivator, pretty soon the idea will simply catch on. In fact, living with friends who share common interests has already begun. It’s called affinity housing and groups of unrelated older people are living together and sharing expenses and in many cases, a social life. Watch for the ads on Craigslist that say things like, “Roommate wanted, 70+. Must be a nonsmoker, love animals, and still drive at night.”
Yes, “The Golden Girls” got it right.
4. Hired mercenaries to fight the paperwork battles.
Can’t stand being on hold with the insurance company? Does it make your head hurt to try and figure out the best Medigap plan? Do you get frustrated trying to understand the doctors’ bills and why you are still being charged even though you met your annual deductible? Yes, there may one day be an app for someone to sort through the morass and confusion of our medical insurance system. But before that, watch for an army of smart elder-care managers to crop up. They will know the ins and outs of every federal and state program, make the calls for you and get you everything you are entitled to get. And you will be happy to pay them for being your personal health-care ninja warrior.
5. Transportation for seniors.
Public transportation (or lack thereof) will be the death of the suburbs and certain ill-prepared cities (yes, Los Angeles, we mean you). After warm weather and good health, what older people want most is the ability to live their lives independently. And you can’t do that if you can’t get yourself places. As for Los Angeles, it’s a moot point anyway because nobody is allowed to grow old there anyway.
Imagine a system though where you can give other people rides and build up credits for rides of your own. Twenty years ago, Katherine Freund started the Independent Transportation Network in Portland Maine, a business that has now spread to dozens of cities. People who are 65 or older (or visually impaired), pay a small fee and are given rides to where they need to go, a door-to-door escort and assistance. Seniors also can trade in their cars and earn ride credits. Rides are available 24 hours a day, seven days a week, for any purpose.
6. No elderly person gets left behind.
There is generally one adult child per family who rises to the occasion and takes care of mom or dad when they need it. Problem is, not everyone has an adult child and not every adult child wants to raise their hand for the job.
There needs to be a system where no elderly person gets left behind and everyone has somebody to care for them.
In China, adult children are legally obligated to visit their elderly parents ― an interesting, if unenforceable, idea. Japan has a universal elder care program funded through general tax revenues and a combination of payroll taxes and insurance premiums paid by everyone 40+. While family members are still the key caregivers, the system provides them with actual support.
7. Build a better pill box.
The American Society of Consultant Pharmacies says people 65 to 69-years-old take an average of 14 prescriptions a year; for those age 80 to 84, that number jumps to 18. For what it’s worth, 15 percent to 25 percent of prescription drug use by seniors is considered unnecessary and/or inappropriate and almost 30 percent of hospitalizations are caused by adverse drug reactions or noncompliance. Medication non-compliance is a landmine that this generation is about to step on, experts say.
So given all that, what seniors really need is a better pill box. It sounds simple, but this is actually an area where many have tried and failed.
The better pill box can’t be so big that it takes up half the bathroom counter. It also must have at least four compartments per day; many only have two, forgetting that pills sometimes must be taken at meals and at bedtime.
And then there are the reminders. Sure you can have an app that lets you know when it’s time to take a pill, but how is that any different from setting a reminder alarm on your phone? And yes you can get something high-tech that tattles on you to your doctor when you skip a dose. But there is plenty more room for improvement in the field of medication adherence containers ― once known as the lowly pill box. Check out SMRxT, a company that hopes to develop the better mousetrap for pills.
Personally, we’d like to see all of our meds managed at the drugstore and given to us all together in one daily package, clearly marked with the day and time we should take them.
8. Doctors making house-calls.
Certainly when we are all living in our commune, the doctor can come to us for our annual checkups. But a lot of our future medical care is going to be managed via wearable monitors, tele-visits, and nurses at the drugstore who can give you a flu shot and prescribe a cream for that rash on your arm. House calls for cash is already a thriving business model, especially among doctors who don’t like to engage with insurance companies.
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