Think about how you want to live your life after you turn 65 years old. Who helped shape this idea of how you should age?
For me, it’s my grandma, who lived just shy of her 91st birthday. While I wouldn’t be unhappy replicating her experience, there were definite low points that could have been avoided. My family and I missed key warning signs about her physical and mental health, and the conditions in which she was living. My grandma struggled to manage her finances and find the appropriate clinical and non- clinical care.
At the time of her death, my grandma was one of roughly six million people in the US above the age of 85. Over the next few decades, this number is only going to increase, and if nothing changes, the aging challenges my grandma faced will be felt even more deeply by tomorrow’s seniors.
The United States is about to undergo the largest demographic shift in our history. Over the next 45 years, the number of Americans over the age of 65 will double and the number of Americans over the age of 80 will triple. Meanwhile, the costs of aging and retirement continue to grow further and further out of reach for many Americans. Thirty-five million Baby Boomers nearing or in retirement lack any retirement savings, and only 27% anticipate that they’ll have enough money to cover health care expenses as they age.
It’s not just about money or medical care. It’s also about all the other factors that impact health. Many people over the age of 65 experience social and emotional isolation. Eighty-percent of Americans want to die in their homes, but only one in five do. Many seniors run into challenges handling investments and social security payments, or dealing with issues like transportation or meal preparation. Right now, there is simply not an infrastructure in place to account for the millions of coming retirees.
This aging crisis will affect the poorest Americans the most. Socioeconomic status plays a large role in an individual’s health and the quality of their aging experience. Poverty increases the likelihood of a functional limitation in adults over the age of 60 year, and the emotional distress of poverty contributes to physiological changes that make an individual more susceptible to depression.
While there’s going to need to be a cohesive effort, across government and industry to address the challenges of an aging population, we’re particularly excited about the role that entrepreneurs can play in redefining the aging experience. Our team at Village Capital is excited to announce a collaboration with Kaiser Permanente to run Village Capital Health: US 2018, a venture development and diligence program that will result in two initial investments in early-stage startups tackling aging-related challenges in communities.
We’re excited to team up with Kaiser Permanente. Kaiser Permanente is recognized as one of America’s leading health care providers and not-for-profit health plans, with a mission to provide high-quality, affordable health care services and to improve the health of their 11.8 million members and the 65 million people living in the communities they serve. The organization has a unique perspective on how to shape the future of health. We think the entrepreneurs selected to participate will greatly benefit from the expertise and perspective of the Kaiser Permanente Community Health team, increasing their potential impact on individuals and communities.
Last month, we convened a roundtable with leaders from across Kaiser Permanente’s organization and the investment and entrepreneur community to identify the priority areas within aging in dire need of innovation. Key thematic areas emerged around caregiver support, financial planning and management, sorting the myriad of non-clinical support services, and increasing social inclusion. We’ll be seeking applicants for Health: US 2018 focused on addressing problems within these themes.
One of the biggest challenges for early-stage health ventures is building the business case for their solution. Through Health: US 2018, participating entrepreneurs will have an opportunity to interact with constituents across Kaiser Permanente’s footprint, in addition to other target customers, end-users, and investors, while preparing their companies to attract and take on the investment needed to scale.
Through this program, we look forward to discovering the best entrepreneurs dedicated to upending the traditional aging experience, creating a dignified, accessible, affordable, and successful aging experience across all income brackets, and enabling all of us to live the life we want after 65.
If you’re an entrepreneur, you can learn if you’re eligible for the program and apply here.
As Communications Director at Village Capital, Ben works on sharing what we’ve learned from our work in order to amplify our impact and help catalyze the fields of impact investing and entrepreneur support.
