Thursday, November 20, 2014

How Will Baby Boomers Handle Long-Term Care Costs

At a dramatic and alarming rate, the cost to stay in a nursing home care facility is increasing. In the latest Genworth Financial report, $83,950 is the median annual cost of a nursing home care facility which has risen annually (4.5 percent/year) over the period of the last five years.

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Considering that almost 70 percent of 65-year-old will require long-term care in the coming future, the possibility that this statistic would include baby boomers is very high. Requiring long-term care is not only about an individual checking in a nursing home facility, it also involves planning and evaluating the risks at hand and the financial requirement adds to the complication.

The entire family is gravely affected when an aging family member requires support in order to live safely and comfortably. In order to prepare for this inevitable effect of aging in the family, seeking for options and planning ahead could help ease possible tension in the future for everyone.

A baby boomer sometimes assumes that a younger member of their family would be available to provide care and support. Unfortunately, most family members have careers and work and family and other commitments that may hinder them from giving the hours needed.

Openly discussing and planning for long-term care will help the family deal with this inevitable part of family life more effectively.

With that said, it is important that people understand the relevance of long term care especially to aging baby boomers. Remember that long term care is for people who are unable to care for themselves. Most at risk are older people and individuals with physical and mental disability.

Experts believe that you should start planning for long term care early so that you can prepare where you want to stay in case you need care in the future. You can also prepare for the expensive long term care costs. As of the moment, the cost for staying in an assisted living facility is $3,247. This is the national median monthly rate, according to longtermcareprimer based on John Hancock 2013 Cost of Care Survey. Living in this kind of facility is beneficial to those who need “hands-on” personal and medical care. The good thing about this facility is that it is not as restrictive as the care provided in a nursing home.

Another benefit of planning early is that you get to analyze all your options. Before, the family is the sole caregiver. Now, you have several options. No need to put the burden entirely on your family. You can choose where you want to stay and how you will be cared of. You can also choose a facility that suits not only your budget but your lifestyle as well. There are several facilities and adult living communities that offer great amenities for their residents. They also provide recreational activities so that residents will not be bored and they can still socialize with other people.

It is important to understand that living in these kinds of facilities is not a prison like you see in movies. There are still good long term care facilities in the country that you can choose from.

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