Making the case

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Monday, August 28, 2017

On potential need

“We’re going to have 8.3 million people over 80 in 2030,” said Jim Greatorex, vice president of Accessible Home Improvement of America, a division of the VGM Group, “and we have homes for less than half of them that they can be safe in and live in and thrive in in their senior years.”

On potential savings

“For 75% percent of people over 65 who go to the ER, the cause of their visit is a slip or fall, something home modifications can help prevent,” Greatorex said.

“There is research that suggests $1,200 in investments in home modifications and equipment saves 25% of hospitalizations,” said Louis Tenenbaum, founder of HomesRenewed.

On other potential incentives

“There are 7.3 million long-term care insurance policies out there right now and only 280,000 are collecting,” Tenenbaum said. “That means about 7 million are ready to be opened, and with an average claim of $30,000, that’s $211 billion of purchasing power. These policies could provide premium discounts to policyholders with upgraded homes because they pay premiums longer and collect benefits at a later date.”