Most investors recognize that the population is getting older. At times, our conversations with clients have led to discussions about investing in pharmaceuticals, medical devices, and health care technology which should benefit from the trend of an aging population. In the last few years, an increasing number of our more mature client base have informed us of the new and practical devices that they have purchased to help them stay longer in their family home. With advances in technology, one can better live at home with the security and peace of mind that their quality of life will remain high.
Finding the right technology to meet your needs at home can be intimidating. First, look at what conditions and problems you are trying to address. There is likely a technology that can help with that. Speak with your doctors and loved ones to determine the best tools that may be at your disposal.
Below is a list of wearable technology and devices that we keep hearing from clients that have made staying at home easier:
Smartwatches that have health monitors: There are smartwatches and apps that can keep track of activity levels and heart rates. More advanced and specialized applications will even keep track of specific health issues such as sugar levels for diabetics and provide alerts if they breach certain levels. Essentially, technology has provided people with the means of monitoring their own health
Simple mobile phones: Sometimes touchscreen phones and technology with multiple features can be hard to use. Instead, basic cell phones with large push buttons can be more appropriate. Some of these models can even include an SOS button that is preset to call your caregivers or doctors. Some tools and applications also come with a GPS function in case of emergencies. These tools empower people to live more independently with an Emergency Response Systems in place.
Smart homes: A smart-home system provides a platform that can connect all of your home’s essentials - central air, light switches, doorbells, thermostats, door locks, appliances, and security systems. A smart home system can be as simple and comprehensive as you like. These systems often allow for voice command controls (i.e. turning on and off the television) and can even alert you if someone is at your front door. It can even serve as an assistant, providing reminders for tasks, events, and medication. There are also cameras that can notify caregivers if it does not detect any movement for a certain period of time, possibly because you have fallen or injured yourself. A Smart Home can serve as a live-in assistant that can help accomplish a variety of tasks while monitoring your safety.
Sometimes, our clients are so thrilled with these products they are even motivated to invest in the stocks of the companies that manufacture or distribute them. In those situations, we suggest that a deeper analysis should be performed as not all technologies will make great investments. For now, we simply thank all of our clients that have shared their personal stories and reviews that have inspired this post!