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The “silver tsunami” of baby boomers reaching retirement age is reordering a variety of economic sectors. The implications for businesses have been explored widely and in depth. And individual boomers have been exploring their own options for years, with varying degrees of success.

As one might expect, the markets and industries catering to seniors are also responding — by widening the choices available to retirees and individuals needing specialized care. New types of communities and facilities are coming on line. All feature designs to provide services and care required by elderly residents.

Despite the new alternatives, many seniors want to remain in their own homes. And there are good reasons why aging in place would work best for some people. But there are drawbacks, too. Namely, getting the medical care that all elderly folks need.

That’s where PACE comes in. PACE – Program of All-Inclusive Care for the Elderly – is a Medicare and Medicaid program. It helps people meet their health care needs in home or the community instead of in a nursing home or another kind of institution. Individuals aged 55 and over can get a level care equivalent to that available in a specialized facility in their own homes or hometowns.

Pennsylvania-based Trinity Health PACE is seeking approval to bring the program to Hunterdon, Morris, Sussex and Warren counties – the only areas of the state without it. Trinity already operates in Camden.

In this edition of NJBIZ Conversations, Trinity Health PACE Chief Executive Officer Dan Drake explains how the program works, enumerates the benefits and assesses the outlook given budget cuts coming out of Washington.

Watch the interview below:

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