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The Looming Crisis for Baby Boomers

The baby boomers generation were born between 1946 and 1964 – the years considered as U.S. renaissance. Today, baby boomers are at greater risks for long term care.

The baby boomers generation were born between 1946 and 1964 – the years considered as U.S. renaissance. They enjoyed the most flourishing years in U.S. history than any previous generation. Although boomers had indulged the comforts of those successful years, everything changed and fate became cruel for them to endure the transformations in the society. Today, the boomers make up the large sector of the population and will soon outrank the elderly as they reach retirement.


The most serious problem faced by baby boomers is retirement. Baby boomers lived in the age where elders were cared in their homes by their children and grandchildren. However, in modern times, the seniors are forced to stay in nursing homes or assisted living facilities until they die because most of their families are not willing to care for them. Nowadays, about 55 percent of seniors aged 85 and above need long term care and about 19 percent of all seniors are afflicted with chronic illness or disability.


Long term care, is no doubt, the most talked-about and alarming health care issue that bothers millions of American seniors. The prices of long term care are very expensive and continue to increase in line with the inflation. The total yearly long term care expenditure for an elderly could reach from $135 billion and above, leaving the burden on the seniors and their families. Baby boomers are expected to suffer on sustaining the costs of care as the prices of nursing homes will have tripled over the next 25 years.


A typical senior may endure the burden of long term care, so what’s more for baby boomers who might age the longest? Most baby boomers have not planned for long term care because they are still in their shell, not afraid of confronting golden years, and believe that their families will take care of them until they die. Many baby boomers make wrong decisions and common blunders of using out-of-pocket money for the care and relying on Medicaid to avoid paying large sums for the care.


Medicaid or Private LTC Insurance?

Everyone surmises that Medicaid will cover the entire long term care expenses. In reality, this is not possible because how can the government pay for billion expenses per person? Medicaid gives priority to low-income Americans. If you have assets that exceed Medicaid’s asset limit, you have to spend down all your assets and retirement income; therefore, you have to turn yourself into a pauper just to qualify for the assistance.

Private insurance currently pays 8 percent of total nursing home expendituresHealth Fitness Articles, while 36 percent of the total health expenditures. Private insurance is said to have helped increase Medicaid’s savings up to $19 billion and diminish the out-of-pocket expenses up to $41 billion.


Most private insurance companies primarily focus on nursing care because it is the most expensive form of care. Nursing home care is the most preferred setting of people with disabilities and those who have to spend down their assets for coverage.


Baby boomers should consider private long term care insurance because:

·         Life expectancy is increasing

·         Baby boomers will reach retirement years

·         Home care loses its essence as family members become more hesitant in caring for their old and sick elders


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