The explosion in the health care and related industries was literally created by a big BOOM. I’m speaking of course, of our rapidly aging Baby Boomer generation. As they age and approach retirement, Boomers require increased access to more health products, doctors, prescriptions, therapists, surgeries and skilled nursing. These are basic services expanding. There are many more health related services and products springing up.
While providing growth, employment and business entrepreneurs exponential opportunities, they spring to life amid a dark cloud of flaws. New companies and expanding existing health providers are certainly in demand. There are no shortage of customers these days.
The problem is in the ability of Medicare, private insurances and government sponsored health plans to pay for it all. A small percentage of health consumers are well able to afford the services and care they require. Insurance benefits are covering less and less. Premiums for member coverage seems to have gone as high as they can. Instead, they have begun systematically denying coverage for services. More and more individuals are dropping coverage for lack of affordability in the face of our economic down turn. Federal, state and local health programs are running and ducking from the axe, in the name of balancing government budgets.
Who will pay for all the new and improved health products and services? Some companies and individuals are turning to HSA’s (Health Savings Accounts). This may be an alternative, but no clear ‘bail out’ is apparent here. Not yet.
The “boom” in the health care industry just might blow up in our face if we’re not careful.
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