Savvy Boomers Shop for DME

Baby Boomer Going Like Sixty Posted on by
"Negative Ghost Rider, the pattern is full."

“Negative Ghost Rider, the pattern is full.”

Some people are savvy shoppers by choice.  Others are savvy shoppers according to need.  And, sadly, some people simply are not savvy.  Consumers exist in every arena; however, rarely do we think of durable medical equipment (DME) and health care supplies when we think of shopping.

According to the United States National Institute of Health1, at least 2.5 million people in the United States rely on durable medical equipment as of May 2021.  Grandview Research company also indicates that the U.S. durable medical equipment market was valued at USD 52.9 billion in 2020.  That industry market includes a steady growth rate of 5.8% annually.  Moreover, the expected product demand is based on the growing geriatric population that is susceptible to chronic diseases like cancer, mobility, and neurological disorders, diabetes, and more2.

For those in need of DME (patients and caregivers alike), there is a keen awareness of cost.  Durable medical equipment includes common items like walking aids, bathing supports, wheelchairs, wound care supplies, incontinence items, and customised beds.  Additional DME items that may not be considered so common – or reusable – are machines for breathing, vests for cardiac rhythm regulation, and syringes or needles of any kind.  The cost of care can be overwhelming, especially for those persons who are impacted by unemployment, limited income, little – or no – insurance coverage, and/or the compounding condition of fragile health.  Managing chronic health care costs has been noted at an estimated cost of $1373 per month.  Many have lived with monthly expenses to be well over $3,000 per month.  

Daily living is subjective.  The host of influences that can impact one person during a single day is almost countless.  Imagine how much greater those influences can be for someone who experiences life with limitations.  Like Medcy.org, The Elder Expo is an affiliated retailer that provides an array of specialty devices to help people enhance mobility and safety in their homes.  Equipment can be found for home exercise routines; weighted cutlery can be selected for better control while eating meals; and ergonomic trays can be purchased to make relaxing in the home easier.  

Savvy shopping is not simply a matter of choice or need.  Savvy shopping is also a matter of product knowledge and availability.  As we acquire knowledge, let its application be fruitful for many.  This is a distinctive trait of wisdom.  Medcy.org has a very specific scope of knowledge concerning durable medical equipment – both its costs and its benefits.  Their willingness to make the product, the knowledge, and the access to the masses exemplifies a wisdom beyond measure.  Savvy to this degree is a distinct sophistication.     

References:

  1. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8140591/#:~:text=Durable%20medical%20equipment%20encompasses%20at,rely%20on%20durable%20medical%20equipment
  2. https://www.grandviewresearch.com/industry-analysis/us-durable-medical-equipment-dme-market
  3. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5720589/

 

Investing Doesn’t Have To Be That Difficult

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A lot of people are under the impression that investing has to be a very long, and difficult process but this doesn’t have to be the case. It is true that if you don’t know what you are doing then it can be quite difficult anf you may end up feeling as though you are never going to see success. But, it’s for this reason that you need to ensure that you have done your research into this before you start investing in stocks.

If this is something that you are interested in then you should think about speaking to specialists before you get started. This way you can understand some of the language and things that you are going to face when you get started such as the adobe share price. The more you know, the better position you are going to be in on the market, making it a lot less difficult than you likely initially thought.

You will be able to learn quite fast what you are going to need to do, what to look for, what is good and what is bad. However, to make this a little easier for you, the infographic below has a breakdown of tips that help you understand how to invest in stocks. This infographic has taken a rather complex subject and explained it in 30 simple points, so if you have read information on investing in stocks in the past and found it hard to comprehend, this may be the help that you need. 

Infographic Design By Robomarkets.com

 

The ABC’s of Investing for Passive Income Online

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Chances are you have heard that there are online investing platforms you can use to invest as little as $500. Even if you haven’t, this article will introduce you to the types of investments you can make from your computer or tablet to generate passive income, starting today.

A: Always Do Your Research

If you are seeking to invest some extra cash online, do your research first. There are myriad opportunities online, and you need to select which types of investments you are interested in, your preferred level of involvement in the assets, and your risk tolerance. 

You should then shop around for the platform that offers you the investment opportunity you seek at the lowest cost of trading and management fees because these vary widely. Also, look into the historic returns of the investments you are considering to have an idea of what you are getting into. Any reputable broker or platform will supply this information to you.

Learn to Invest vs. Robo-Advisor

Technology has made this an exciting time. Whether you are entirely new to investing and want to learn how to buy, sell, and trade on the stock market, or you want the experts to do it for you, either opportunity is available.

Traditional brokers such as Fidelity, TD Ameritrade, and Merrill Lynch have created an online presence that provides investor education and allows investors to develop a portfolio of stocks or portions of stocks at a fee. That fee may be variable, such as by trade or portfolio worth, or it may be fixed annually. 

Other online platforms such as Robinhood, SoFi, Wealthfront, and Betterment offer a robo advisor to manage investors’ selections. A robo-advisor uses programmed algorithms to select investments according to your preferences, such as market sector, risk, expected returns, and length of the investment. In this way, a new investor or someone who wants to be more hands-off and not pay an expensive brokerage fee can get professional advice and management of their stock portfolio.

B: Buy What You Believe In

You can invest in individual stocks of publicly traded companies that do business you believe in ethically, morally, or otherwise. In other words, you can put your money where your mouth is! This can be done through any online investing platforms that allow you to freely trade or inform your robo-advisor of the types of companies you wish to invest in.

Investing according to ethos is not new. There are even mutual funds and ETFs that target investors interested in supporting companies operating in the ecology, alternative energy, emerging markets, as well as small business owners in underserved communities, and the like.  Simply google your interest, such as  “ETF alternative energy,” and you will see the options available to you.

You might also consider investing in Peer-to-Peer (P2P) lending online. Again, you have the choice to lend to whomever you wish on these platforms, and you can select to fund individual loans or invest in a portfolio of loans made to individuals or types of businesses that you wish to support.

C: Create Diversification 

Individual Stocks – Creating Diversity

Don’t put all of your eggs in one basket! Relying on one stock to generate passive income for you is a poor strategy because every stock has its ups and downs and may be down when you need to sell. Creating a diverse portfolio of investments ensures that you will not lose money just because a single stock on your portfolio is down.

You can create a diverse portfolio in several ways, depending upon your preference for involvement. You can personally select a diverse array of stocks for your portfolio on a single platform, or you can use your robo-advisor to select a portfolio of diverse stocks for you based on your preferences.

Mutual Funds, REITs, and ETFs Create Diversity for You

Suppose you are not interested in creating your own diverse portfolio. In that case, you might invest in a professionally managed fund consisting of a variety of individual investments such as a mutual fund, a Real Estate Investment Fund (REIT), or an Exchange Traded Fund (ETF).

A mutual fund will offer guaranteed returns at a lower rate than most other investments but at a higher rate than a savings account. 

A Real Estate Investment Fund (REIT) is how the average individual investor gets into commercial real estate investing. For as little as $500, an investor can purchase shares in a company that invests in a broad array of mortgage lending, mortgage purchasing, retail buildings, office buildings, hospitals and other medical buildings, multi-tenant residential housing, and other real estate estate-related businesses. These returns are typically higher than mutual funds, however, the effects of the pandemic on commercial real property have yet to be played out.

Exchange-Traded Funds (ETFs) hold stocks, bonds, and sometimes commodities, often according to a specific theme. Popular themes include renewable energy, healthcare, information technology, the S&P 500 index fund, dividend-paying stocks, country-based investments, and many others. 

As an individual investor, you have myriad options when it comes to investing online. Research the options in this article that appeal to you and discover what lucrative and profitable investments are out there for you.

 

About the Author

Veronica Baxter is a writer, blogger, and legal assistant operating out of the greater Philadelphia area.