Generation X? Millennials? The Silent Generation? We’re fond of naming groups of people born during certain years. The largest group may be the Baby Boomers, who account for about 20% of the U. S. population. Born between 1946 and 1964, Boomers are reaching retirement age in record numbers. And, as boomers age, the possibility they will need some form of long-term care increases.
How many baby boomers will need long-term care?
According to some studies, about 70% of people over the age of 65 will need 24/7 care, either at home or in a nursing home. At this time, the baby boomer generation is somewhere between the ages of 54 and 72.
There are about 78 million baby boomers living in the U.S. right now, many over the age of 65. Baby boomers can expect to live a few years longer than their parents and grandparents. All this adds up to millions of people who may potentially need long-term care and for a longer period of time than previous generations.
When should a baby boomer start long-term care planning?
It is critical to start long-term care planning long before you need it. Ideally, baby boomers age 65 and older should already have a plan in place. However, people without long-term care planning are not without options.
One reason to start planning early is because of Medicaid. As the largest payer of nursing home costs, it is likely that baby boomers will need to be eligible for Medicaid benefits.
Is it ever too late to do long-term care planning?
Starting early is the best option. However, people of any generation can look into long-term care planning.
Many will need assistance paying for long-term care. Medicaid provides that assistance for those who qualify. But during the applicant process, Medicaid reviews the applicant’s records during the 60 month period prior to the application date. Planning ahead in this situation means avoiding certain kinds of property transfers and possibly establishing a trust. Since we cannot know when we will be incapacitated, if ever, then it is important to get this type of planning done as early as possible.
Learn More About Medicaid Eligibility.
The attorneys at Miller Estate and Elder Law know how to help you with long-term care planning. For a free consultation, contact us at 256-251-2137 or use our convenient Contact Form. We also offer free workshops and guides with more information about topics that matter to you. Although we’re located in Anniston, we also help clients in the Birmingham, Gadsden, Hoover, Talladega, Vestavia Hills, and surrounding areas.