Ridertoothpick Knife Long

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Long Term Care and its Effect on Baby Boomers

Baby boomers are causing so much attention during the height of long term care issue in the United States. As we all know, these boomers were the fruits of America’s grandeur during 1946 to 1964, and they had enjoyed the lavish culture— from rock music of the Beatles, down to the explosion of consumerism.

Everything in this modern world today is owed, or should I say tribute, to these folks, the boomers. They contributed to the advancement in the economy during their peak years, since they had taken part of the huge labor force, approximately 70 million boomers, in the 90s. SUV’s could have not been popular if it weren’t for the boomers. And remember that day care centers are flourishing because boomers do not want to mess things up with their kids. They have created so much impact in this world today, and yet they are retiring at massive rates — millions of them, perhaps.

In 1996, there were 76.1 million American boomers aged between 32 and 50, and that number was equivalent to 28 percent of entire U.S population. In the same year, there were 10 million Americans more than 80 years of age. The vast population, accompanied with overwhelming societal and demographic changes, has induced the growing problem of
long term care for baby boomers

Most of these boomers had lived comfortable years, and now they are threatened with the higher costs of living and medicine, fearing that they would exhaust their retirement savings earlier than expected. This is also the reason why some delay retirement.

Some baby boomers are still disconnected from the real world; they still chase the benefits of Medicaid and other government health care programs to save them from paying exorbitant medical care; but, as a result, they pay on their own once they have realized their private insurance won’t cover the LTC expenses, and either Medicare or Medicaid won’t cover extended nursing home stay. If baby boomers continue to live by this misconception, they are only making the worst financial plan and they are compromising the welfare of their loved ones.

What should baby boomers do to protect their savings for long term care? First, they must ensure they have enough savings to dole out to their surviving spouse, children, and heirs. Second, they need to save for their future care when they can no longer retain independence, and, worse, when no family member is available for help.

As LTC prices have risen tremendously, it is advisable for them to purchase insurance long term care to cover both residential and institutional care. They can customize various LTC features and riders to meet their desired coverage, and keep the premiums more affordable. It is, however, recommended to purchase policies between 50s and 60s, because premiums increase as they age.

Meticulous planning is required when dealing with long term care. They must determine all the areas that could be affected, and assess everything that needs to be given the highest importance. Remember there’s no harm in planning for your health.

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