Common Misconception Of Baby Boomers About Long Term Care
Baby boomers are always addressed in long term care insurance
. The baby boomer generation shoulders the impact of the huge changes in social and demographic changes throughout the years, leaving only a mark of resilience those baby boomers will find light amidst those awkward changes in the society.
Baby boomers remain idealistic and believe that they would still receive the same level of care like the previous generation had. Unfortunately, everything has changed far from what they have expected. Here are common mistakes made by baby boomers:
Denying the fact theyll need long term care
Most baby boomers think that they would receive care just like the years before where children would take care of their parents and the parents would enjoy golden years with their family. Today, high rates of divorce, more women in workforce, and other societal changes have shattered the lives of many families and affected how the young treated the elders.
The longer you live, the more likely you become susceptible to age-related sickness and you only delay the start of your Security checks. Even though you start receiving checks at age 62, the amount of checks could increase if you extend it longer.
Thinking that theyll be able to work as long as they want
An AARP study revealed that 79% of baby boomers would continue working at least part of time during their retirement years. According to the Employee Benefit Research institute, 40 percent of retirees left their job earlier than they had planned due to illness or disability.
People even without chronic illness may experience health problems in their 60s or 70s; their bodies become frail and energy reduces as they approach that age. Assuming that you would be fit for work in your retirement years is not convincing. Always plan ahead as if your working years will come to end abruptly.
Not considering long term care costs
Many baby boomers are not well versed with long term care and its importance. They dont even bother how much long term care costs now and how it could affect their lifetime savings.
Although you are healthy and rich today, you should not overlook the need for long term care in the future. If you check the current rates of nursing homes and assisted living facility, you will probably get an idea how it could ruin your finances and affect your family as well. Buying long term care insurance can protect your assets that have been reserved for your nest eggs.
What aging baby boomer should do?
Many baby boomers are stuck on the idea that they wont need long term care because of the availability of Medicaid and Medicare program. However, this mindset is unfavorable as it could lead them not to plan for their retirement since they are spoon-fed by the government. However, Medicaid has set rules and makes it burdensome for applicants to qualify for assistance.
Long term care insurance is the best thing they can get for their retirement years. Insuring your health and life is worthwhile. If you can insure your home and your car, the why not insure your health your priceless asset?
by: Jenny Nielsen
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