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Baby boomers bring with them concerns for long-term care solutions

NAELA National Academy of Elder Law Attorneys, Inc. MEMBER

As America's baby boomers grow older and near retirement age, a new concern is growing among those in the healthcare, financial industry, and legal profession regarding properly planned long-term care. There are currently roughly 10 million senior citizens who rely on others for their daily care. There are nearly 78 million baby boomers entering old age.

The coming increase in retirees and those who may need some form or another of long-term care is troubling as it represents a financial and infrastructure puzzle for all states, including New Jersey, which may or may not be solved in time to accommodate the increased numbers. According to reports, it is estimated that 7 in 10 people will require some sort of long-term care after they turn 65.

The problem with most long-term care is that the majority of adults who may end up needing the care do not have the adequate insurance to cover such care when they do end up needing it. Only about five percent of U.S. adults have insurance policies for long-term care and it is believed that most of those that do are already fairly well off financially.

With the increased costs of nursing home care or private, less intensive alternative in-home care programs, many cannot afford the out-of-pocket expenses. That is why it is essential that families plan ahead for eventualities such as long-term care planning. By planning ahead and doing the research prior to needing the care, families can prepare and save for adequate insurance or nest eggs to provide the kind of care that may or may not be needed. Proper prior planning can be assisted by talking to an attorney who practices elder law and long-term planning solutions. They can help to guide you through available methods that will care for you and your loved ones.

Source: Asbury Park Press, "Ageless: More options available to help older people with long-term care," Feb. 2, 2013

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