I was reading through a press release from the Center for American Progress and I they had some really interesting thoughts on health care in the age of the senior boom. The baby- boom generation has had a dramatic impact on every age bracket that they have reached and they will continue to change the way we see the world as they reach old age. The Center for American Progress has a plan for taking care of this population, but there are so many variables as we look at a rapidly increasing aging population and a rapidly changing medical system. So how will we care for this most populous generation as they age?Will the government take care of me?
Don’t bank on it. The Center for American Progress is looking for a melding of public plans and private insurance to provide for the Long Term Care needs of the boomers. However, the boomers make up a large percentage of the tax base. Right now in their working years, the income tax they generate is paying a large portion of the costs associated with government health plans. To increase the scope of these plans seems highly improbable at a time when the 1 in 5 Americans will be of retirement age. The government will of course be providing some type of care, but it is hard to imagine lumping more costs onto an already over taxed group of programs.
A great deal of the care that the boomers will need is going to be assisted living services and nursing home care. The best possible solution for this generational change will be for people to turn to private insurance. The center is right that the future will involve a melding of public and private insurances to care for the aging population, but people will need to buy into Long Term Care insurance as a necessity of the modern medical system. Many baby-boomers are already paying into Long Term Care policies, but there are many people who need to look seriously at the medical reality of the senior boom.If you are a couple, flip a coin
The Department of US Health and Human services found that once a person makes it to 65 years old they then will have about a 50% chance in needing care. If you are married than the stats say that either you or your spouse will need care. There are long term care insurance shared care plans available so that if one spouse dies and never needs care, all their benefits transfer to the surviving spouses’ plan. This ensure that if you are the person of the two that needs care you’ll be taken care of no matter what life throws at you.
It is going to be very interesting to see what happens as 8000 Americans a year enter nursing homes or assisted living situations. The generation that brought us the sexual revolution and redefined what it meant to be a teenager is now facing retirement and old age, and we are all waiting to see how they revolutionize it. It is impossible to know how things are going to change over the course of your life time, you just have to make sure that you are prepared for life’s challenges.