Hospice and palliative care remains a new medical specialty that is tailored to maximize quality of life during serious illness. Formally an underserved segment of the healthcare industry, more and more hospice businesses are popping up in the United States to keep pace with the aging population.
The proportion of Americans over the age of 65 is expected to grow from 16.3% to around 19% by 2050. For those in the hospice and palliative care industry, this is phenomenal news, as it guarantees a steady stream of clients. Motivation remains a very critical factor in the success of a startup hospice business.
Have it in mind that hospice providers are true professionals whose interest and dedication to patient care surpasses their eagerness for profit. While these businesses can be quite lucrative, note that your major objective will always be the quality of care that is being made available to your patients.
This sort of service can be offered in either a residential or visiting hospice setting. For most startups, in-house hospice care is more suitable than a residential care environment since it takes away the capital and licensing requirements needed to put up a first-rate facility.
Note that the best states to start a hospice business are States with the oldest population. The size of a state’s senior population entails a lot in terms of demand for resources like health care, affordable housing, assisted living, in-home and nursing care, and support services, and the quality and availability of those resources help determine where seniors migrate.
If you are eager to start up a hospice or palliative care business that will see to the needs of individuals at the end of their life, here are the top states in the United States to consider.
Best State to Start a Hospice Business
Table of Content
Note that the state’s mild weather, massive land, retiree-friendly taxes, and a below-average cost of living contribute to making this state one of the best places for seniors. The Mountain State collects neither estate nor inheritance tax, and the cost of living according to reports remains low, 13.0 percent below the national average.
While Kanawha County boasts of nearly two dozen retirement communities, West Virginia’s older population remains relatively evenly spread across all of its counties.
Maine is renowned as one of the top states in the nation for the highest proportion of residents over the age of 65. Have it in mind that this statistic may come as a surprise to many owing to Maine’s harsh winters and reputation for remote, isolated communities.
However, with its enticing art and food scenes and numerous opportunities for outdoor recreation, this state has become quite popular among retirement-age Americans looking for a less traditional retirement lifestyle. Unlike Florida’s older populations that tend to be concentrated within a small handful of counties, Maine’s older populations are integrated into each county overall.
According to reports, Florida is the state with the second-highest proportion of retirement-age residents in the nation. It is also regarded as the “go-to” location for many living in the Northeast, from New York to Connecticut to New Jersey.
Owing to its warm weather, walkable cities, and lack of estate and inheritance taxes, this state remains one of the best places to consider.
With about one in ten residents over the age of 75, Florida is also the state with the highest percentage of residents within this age bracket and one of the best places to start a hospice business. Some counties in this state, including Sumter County, Charlotte County, and Citrus County, are home to over 35 percent of residents over the age of 65.
Boasting of beautiful state parks, bustling cities, and retiree-friendly tax laws, Pennsylvania is home to one of the highest percentages of residents over the age of 65. Note that the state is quite tax-friendly to retirement-age residents, as it is one of the few U.S. states without tax retirement income, whether public or private pensions or Social Security.
With as many as twenty retirement communities, Westmoreland County boasts of the highest proportion of residents over age 65 in the state.
Vermont is another northeastern state renowned for having the fourth-highest proportion of residents over 65 in the United States. It may seem surprising to find Vermont among the top ten states to start a hospice business due to its long, snowy winters, higher-than-average cost of living, and Social Security income tax.
However, for a good number of reasons, such as Vermont’s quaint small towns and wealth of outdoor activities, the advantages far outweigh any perceived drawbacks.
Owing to the state’s long winters and heavy snowfall, it may not seem like the perfect location for individuals above age 65. Howbeit, New Hampshire remains one of the most tax-friendly states in the U.S. Have it in mind that it remains one of the few U.S. states with no sales tax, and residents pay neither estate tax nor inheritance tax.
Also, note that health care for retirement-age residents in New Hampshire is also an added advantage; New Hampshire ranks fifth in the United States for senior health, according to the United Health Foundation.
Montana is renowned as one of the top five states this year with the highest share of residents over age 65. While it is well known for its isolation, Montana’s rugged beauty and tranquility, coupled with its retirement-friendly tax policies, are more than enough to convince people to retire to this state.
According to reports, the income tax in Montana is capped below 10 percent, and this entails that pensioners and Social Security recipients pay far lower taxes than a good number of their counterparts in other states. Also, note that Montana rarely collects estate or inheritance tax.
Note that this is one of America’s most renowned retirement destinations, and it remains one of the best states to start a hospice business in the United States.
Boasting of year-round fantastic weather, warm water, and miles of sandy beaches, Hawaii is a popular state for seniors, especially the wealthy, because the state has the highest cost of living in the country, at 18.5 percent above the national average.
Delaware is another mild-weathered and tax-friendly state for retirees. Like New Hampshire, The Diamond State barely charges estate tax, inheritance tax, or sales tax. Sussex County in Delaware is well known for having the highest proportion of residents over age 65, and also boasts of nearly a dozen retirement communities, all situated within miles of each other.
According to detailed reports, South Carolina is the state with the tenth-highest proportion of retirement-age residents in the United States. Over the years, the state has gradually become a preferred destination for retirees, owing to its year-round natural beauty and relatively mild winters.
For individuals living off retirement savings, a dollar tends to go much further in this state than it does in many others. According to the Bureau of Economic Analysis, the cost of living in South Carolina remains low and affordable, 9.6 percent lower than the national average.