An oft-repeated refrain is echoed through our news and culture: the baby boomer generation is at or near retirement and are living longer than ever. As a recent article put it, “the first baby boomers, born in the year following the end of World War II, turn 65 this year.” This generation of Americans is entering retirement at a time when life expectancy and longevity are at all-time highs. That’s the god news. The other side of the coin is that, while people are living longer, the increase in diseases such as dementia and Alzheimer’s are on the rise like never before. The article above mentions a recent study by the Alzheimer’s association stating that 1 in 8 Americans over 65 will develop this debilitating condition. Diseases such as Alzheimer’s and dementia often require long-term care services such as nursing homes or in-home care as the afflicted individuals need help in performing the basics of everyday life such as dressing, eating, bathing and getting in and out of bed. The risk of needing long-term care is thus great, but, as the article points out, “insuring against that risk is oftentimes the easiest and least expensive solution to that threat.”
Long Term Care Insurance assists with the costs associated with long-term care needs such as the ones mentioned above. What many don’t realize is that, although Alzheimer’s is a disease, the so-called non-medical aspects of the disease, the fact that an elderly parent can’t be left alone, get dressed or take of the basics activities of daily living (ADL’s) , are not covered by regular health insurance or Medicare. Sally learned this the hard way when her father, Donald, starting showing signs of dementia.
Sally’s father, Donald, was a World War II veteran and had always been “sharp as tack” and curious and nimble in his thoughts and speech. So, when he reached that great milestone of turning 85 last year, their family was shocked to learn that he was starting to become confused and the neighbors had noticed odd behavior. After a visit to a specialist, they learned he had Alzheimer’s and would likely need daily care for the rest of his life. Sally and her husband, Phil, had 3 children and were at the height of their careers. They simply didn’t have time to properly take care of Donald. Luckily, Donald had, years before, invested in a Long Term Care Insurance policy which enabled Sally and Phil to arrange for an in-home health professional to look after Donald and give him the care he needed.
Sally’s situation is all-too common nowadays and with the rates of Alzheimer’s expected to rise to new cases every 33 seconds by 2050, purchasing Long Term Care Insurance has never been more vital to a secure and peaceful retirement. And, as the article above points out, don’t expect the government to be there to help in the future. For example, there is currently a 7-year wait for affordable senior housing in California. And, the time to being discussing your future long-term care needs is in your 30s, 40s and 50s and not when your are near or already in retirement. Cases like Donald might prove to be the exception. He planned ahead and his assets and family were rewarded for this smart planning. He can now live out his years getting the care he needs while maintaining his dignity and can pass on his assets to his heirs rather than exhausting them to pay for his care. All baby boomers, indeed all Americans, should take heed and learn from Donald’s example and look into Long Term Care Insurance today.
Long Term Care Insurance can protect you, your family and your assets and offer peace of mind for your retirement years. But, there are many options and Long Term Care Insurance policies can be complicated. You need a professional to help you navigate the choices. At LTC Tree, we’ve helped thousands of Americans make sound decisions for their future long-term care needs. We can help you as well. Simply fill out our request form, and we’ll glad to talk you through the various plans and options. Thank you for reading today’s blog. We really appreciate it.
