Why Baby Boomers Need Long Term Care Insurance
Baby boomers should stop comparing the present to past events
. They wonder why the government and healthcare professionals are encouraging long term care insurance for baby boomers when the fact is that their ancestors got along old age fine without it.
Their ancestors got along fine without long term care insurance (LTCI) because they did not live to their 90s. In the past, people who have managed to reach the age of 65 received congratulatory remarks from their friends and family members.
Nowadays 65 is just the beginning of a long period of care and mind you, this type of care can deplete your assets before you even become aware of it. Long term care (LTC) will cost you your lifetime savings that is why everybody in the country is constantly egged on securing an LTCI policy which is designed to shoulder their future expenses on LTC.
At present, nursing home costs comprise 70% of the countrys total LTC expenses but not all elderly residents in nursing homes are happy being in the said institutional facility. Majority of Americans prefer to stay in their homes even though they have been diagnosed of a health disorder which requires 24-hour monitoring.
Senior individuals who are currently receiving care at home are spending roughly $71,040 annually on home health aide services and homemaker services. Home health aides are responsible for providing personal care such as assistance in the six activities of daily living (ADL) which are eating, bathing, toileting, dressing, continence, and transferring.
Right now, the ongoing hourly rate of a home health aide is $19 while a caregiver who provides homemaker services charges $18 per hour. Homemaker services consist of household chores which a patient of LTC is not capable of performing. It is usually unmarried elderly folks without children who require the latter type of LTC since they basically live by themselves.
Long Term Care Insurance for Baby Boomers
Gone are the days when women would just stay home, cook meals, clean the house and attend to their children and husbands. Female baby boomers redefined the existence of women when they started to join the workforce.
You have probably noticed that a big percentage of successful women in the corporate world hail from the boomer generation. Now this brings us to why men and silent generation folks should not rely on the women in their lives to take care of them should they come down to a chronic illness or experience functional limitations due to old age.
While its true that most women were born with innate caregivers traits, it would be unfair to just let them drop everything that they have worked to accomplish so they could stay home and take care of their sickly and weak loved ones.
When theyre done taking care of their parents from the silent generation and their spouses, these very women who sacrificed their careers and personal goals shall be left to fend against the cost of care.
Through long term care insurance for baby boomers, women shall be protected from turning into unpaid caregivers and the men need not die carrying guilt for making their wives lives miserable.
by: Julienne Howard
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