The Department of Labor predicts much faster than average employment growth for psychiatrists through 2033. Opportunities for geriatric psychiatrists both in private practice and in salaried positions will be excellent. The demand for psychiatrists serving seniors is high. Approximately 14 percent of adults aged 60 and over worldwide suffer from a mental disorder, according to the World Health Organization, and the demand is growing each year as the elderly population increases.
As the importance of mental health care for our elderly is increasingly recognized and accepted, it should become easier for seniors and their families to have access to and support in securing treatment. One concern that may limit the number of elderly seeking mental health care is financial. Medicare payments for psychiatric treatments are very limited and good care is expensive. The implementation of government health care laws (such as the Patient Protection and Affordable Care Act), however, have made mental health care available to more people, although efforts are currently being made to roll back the gains in insurance coverage established by the act.
In addition to the need for geriatric psychiatrists to work in clinical practice (seeing patients), there is a strong need for geriatric psychiatrists to work in research and academia. Overall, employment in this field should grow rapidly.
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