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Harnessing America’s Largest Workforce: The Family Caregiver
Family caregivers are worth billions of dollars to the economy. It's time we pay them for their valuable contributions.
In the complex landscape of modern healthcare where the needs of an aging population continue to grow, the role of family caregivers stands as a beacon of hope and resilience.
The demographic shifts in the United States are staggering: by 2030, 21 percent of the population will be 65 or older, with the need for long-term care (LTC) expected to double from 2020. However, the number of caregivers available to provide this essential care is shrinking.
This impending crisis demands innovative solutions that can leverage the existing resource within our homes: the family caregiver.
Aidaly is on a mission to transform the landscape of care in America.
We believe in family care instead of hospital care. And, in 10 years from now, we imagine a world where everyone knows of someone they love being taken care of by an Aidaly caregiver.
Our pilot with the AARP Foundation aligns with their mission of supporting older adults with low incomes, helping them secure jobs, access benefits, and stay connected to their communities. Through this partnership, we have embarked on a journey to harness the potential of family caregivers and reshape the landscape of care in America.
The challenges ahead are monumental for family caregivers. By 2030, an estimated 24 million Americans will require long-term care, more than double the number from 2020. However, the demographic shift means that the workforce available to provide this care is dwindling. Adults aged 18-65 will make up only 58 percent of the population by 2030, down from 61 percent in 2020.
It's evident that traditional healthcare models will be stretched thin, necessitating a radical reimagining of how care is delivered.
Aidaly's Alpha pilot demonstrated the immense potential of properly training, supporting, and compensating family caregivers. Our premise was simple yet yielded significant results: if caregivers are adequately prepared for their roles, they can significantly promote aging in place, enhance health outcomes, and reduce unnecessary healthcare costs.
Care recipients and caregivers were provided with dedicated Aidaly Care Coaches and Financial Experts, enabling them to navigate complex healthcare systems and receive expert guidance on financial matters. This holistic approach has the potential to create a meaningful impact on the lives of both caregivers and care recipients.
Our program's success is not just theoretical; it is backed by robust industry data too.
The pilot showed a 50% reduction in unplanned medical care, including a 30% decrease in emergency room visits and hospital admissions. The impact wasn't limited to healthcare either; households participating in the program reported a 180% increase in financial resilience, better equipped to handle unexpected financial shocks.
These findings correlate with broader research, demonstrating that caregivers who receive training and compensation are more likely to experience better health outcomes and reduced healthcare costs.
The shift toward patient-centered care delivery is already underway, thanks to initiatives such as the Patient Protection and Affordable Care Act Balancing Incentives Program and the National Family Caregiver Support Program. These policy changes are crucial in enabling care to be delivered in homes and community-based settings, where it is often most effective and comfortable for recipients.
At Aidaly, we believe in the power of leveraging modern technology and data to create positive change. Our comprehensive approach not only provides training and support but also aids caregivers in accessing benefits and financial relief. The Aidaly Wallet expedites payments, tracks spending, and unlocks potential tax benefits, all while facilitating connections within our caregiving community.
The results are undeniable. Our partnership with the AARP Foundation, alongside the research we conducted, underscores the transformative potential of family caregivers.
They are America's largest workforce, providing over 36 billion hours of care each year. This dedication is worth over $600 billion to the economy. Our mission at Aidaly is to empower these caregivers, transforming their dedication into meaningful support, better health outcomes, and a more sustainable healthcare system.
The numbers speak for themselves: the potential for change is vast, and the impact on both caregivers and care recipients is profound.
By harnessing America's largest, untapped workforce and empowering family caregivers, we can forge a new path toward a healthier, more compassionate future for all.
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