911, 411, 211 or 5.1:1: What could these numbers mean for your organization?
The first 911 call was made in 1968 and it is the number that is used today to get help in the event of an emergency. 411 is the number we dial for telephone directory assistance and with the use of the internet and having information at our finger tips via cell phones, I am sure 411 is not dialed as frequently as it used to be but it is still in use for those of us who like to talk to other humans and operators at the telephone directory that is.
The number 211 was reserved by the Federal Communications Commission in 2000 to be used for finding community resources and getting referrals for local social services. It is a very useful number when you need quick access to social and community services in an area.
The numbers 5.1:1 are not well known but they should be. Why? Because America is approaching the elder care cliff and 5.1:1 should be the most significant numbers in every family, every company and every organization that is part of the US economy today.
What is the Elder Care Cliff?
It is something that America is facing and to explain it, I like to use the example of the fiscal cliff of 2012. Remember how on December 31st 2012 the US government was facing a fiscal cliff? It was a situation where previously enacted laws of 2011 and 2012 would all come into effect simultaneously (yes, overnight effective December 31st 2012) forcing the government to increase taxes while decreasing spending. If President Obama and congress did not avert it (thank goodness they did fix it just in time) , here is what could have happened: middle income families would be paying $2000 more in taxes a year, itemized deductions like earned income credit and child tax credit would be reduced, 3.4 million people could have lost their jobs and 401 k plans could have lost some of their values and the unemployment rate could have increased. If that was not fixed then America could have “fallen over the cliff” and experience such hard economic times enough to put the economy back into recession.
Elder Care Cliff Explained In A Paragraph
With that refresher in mind, here is what the elder care cliff is and why 5.1:1 is important. It is a short hand name or a nickname for the economic crisis that will face America as the population ages. The population of people aged 65 and older will increase by 135% while the population of people now 24-64 will decrease proportionately. At the time of the looming fiscal cliff (2012), the ratio of people under 65 versus the people over 65 was 5.1:1. What that means is, for each person over the age of 65, there were 5.1 people to work, provide services to the elderly and the disabled and to pay taxes that funds programs like Medicare and Medicaid. By the year 2050 that ratio will be 2.9:1. That does not take into account the 65 million family caregivers who are making great sacrifice to provide free and unpaid care to their loved ones. For many families and small businesses, the elder care cliff is already here and here is how you can tell: these people are called family caregivers, with over 50% of them in the work force and behind them is a hidden force called “employers with hurting bottom lines”. Today family caregivers suffer from chronic illnesses associated with the stress of caregiving, some have cashed out their 401k to pay for the care that their parents need, many have to turn down promotions or even go part time so they could be at home taking care of their loved one. Many are isolated because of the demands of caregiving. Many business owners have closed their businesses to stay at home to provide care for a loved one.
Family caregivers today suffer economically, financially, physically and emotionally and many die early, either before or shortly after the person they are caring for. For those who have lost their lives (physically and professionally) to caregiving we can say (using the example of the fiscal cliff) they have fallen off elder care cliff.
What is equally frightening is that as a nation, we are not prepared for the socio- economic impact of the greying of America.
If you are interested in discovering how you, your family and or your business could survive the elder care cliff please call 883-603-0022 or email to Stella@stellansong.com.
