One of the largest challenges facing America in the 21st. century will be the aging of the “baby boomers’. This generation, those born between 1946 and 1964, represents a large segment of the population today. With the latest medical technologies and surgeries being taken advantage of, this group is growing old very gracefully. This generation has always dramatically affected societal trends and demand for services. As these folks reach retirement and beyond, they will continue to dominate the housing and labor markets. As the ‘boomers’ save for retirement, the stock market has been reaching record highs.

The boomers impact on economic and social trends will continue to be felt as they continue to age. By 2030, the last baby boomers will reach retirement. At that time the number of elderly individuals is expected to double from the current 35 million to over 70 million. This means that in 30 years, the demographics of the country will resemble those of Florida today. With all of this, life expectancy is also expected to continue to improve.

When the boomers were growing up, they remember sharing their homes with their grandparents as their need for care increased. As they build new homes, the boomers are thinking about equipping their homes to accommodate more than one generation. And these boomers, having parents and still children of their own to be concerned about, need to know when to look for professional advice. As difficult as it is, boomers need to be having conversations with their parents about money and healthcare long before a crisis occurs. Being prepared is always better than reacting in crisis mode.

Medicaid has drastically changed in the last few years. Medicaid sponsors a spend-down program. It is intended to be used by those with little or no assets. The government has made it much more difficult to qualify for this “free care”. They have increased the look-back periods for moving monies out of your estate in order to qualify. The program will now go after the children and follow the money more closely when assets are moved. The time period is now 5 years. It is a trend that will only tighten.

Pre-planning for longevity is the only rational answer. The Houston Chronicle reported in January, “If a large segment of the baby boomers can’t find a way to pay for their own care in late life, the drain on the government welfare program (Medicaid), could prove devastating.” It further stated that they recommended that this generation in particular should consider “savings plans, reverse mortgages and long-term care insurance”. If you are insurable, the most effective way to protect is Long-Term Care insurance.

Rosemarie Hurley, owner of Senior Insurance Solutions, has worked in the senior healthcare market for over 20 years. She has been a Long-Term Care Specialist for 16 years, and brokers with only the finest insurance companies in the industry. She is a Certified Senior Advisor, Past President of the local chapter of the National Association of Health Underwriter, and current President Elect for the Rotary Club of Estero. Web site: www.longtermcareins.nu. for more information.