Senior care is crushingly expensive. Boomers aren’t ready.

[jump4]

“Long-term care costs represent “the single largest financial risk” facing seniors and their families….

A wave of Americans has been reaching retirement age largely unprepared for the extraordinary costs of specialized care. These aging baby boomers — 73 million strong, the oldest of whom turn 77 this year — pose an unprecedented challenge to the U.S. economy, as individual families shoulder an increasingly ruinous financial burden with little help from stalemated policymakers in Washington.

The dilemma is particularly vexing for those in the economic middle. They can’t afford the high costs of care on their own, yet their resources are too high for them to qualify for federal safety-net insurance. An estimated 18 million middle-income boomers will require care for moderate to severe needs but be unable to pay for it.

“It’s this really enormous financial bomb sitting out there that most people are just hoping won’t hit them,” said Marc A. Cohen, co-director of the LeadingAge LTSS Center at the University of Massachusetts at Boston. “There’s an incredible amount of confusion and denial.””

What should be done?:ohdear:

https://wapo.st/42pxufs

[Michael G.]

“It’s this really enormous financial bomb sitting out there that most people are just hoping won’t hit them,” said Marc A. Cohen, co-director of the LeadingAge LTSS Center at the University of Massachusetts at Boston. “There’s an incredible amount of confusion and denial.””

What should be done?:ohdear:

https://wapo.st/42pxufs

No wonder.
Have you checked what it cost to live/retire in Boston Massachusetts????

[retiredguy123]

What should be done? Nothing.

The Government already pays too much for nursing home care under Medicaid, and the care is lousy. We don't need to waste any more taxpayer money.

[OrangeBlossomBaby]

What should be done? Nothing.

The Government already pays too much for nursing home care under Medicaid, and the care is lousy. We don't need to waste any more taxpayer money.

So your answer is:

Let them suffer and/or die.

[Kenswing]

I’m a Boomer and I’m ready. :crap2:

[ThirdOfFive]

“Long-term care costs represent “the single largest financial risk” facing seniors and their families….

A wave of Americans has been reaching retirement age largely unprepared for the extraordinary costs of specialized care. These aging baby boomers — 73 million strong, the oldest of whom turn 77 this year — pose an unprecedented challenge to the U.S. economy, as individual families shoulder an increasingly ruinous financial burden with little help from stalemated policymakers in Washington.

The dilemma is particularly vexing for those in the economic middle. They can’t afford the high costs of care on their own, yet their resources are too high for them to qualify for federal safety-net insurance. An estimated 18 million middle-income boomers will require care for moderate to severe needs but be unable to pay for it.

“It’s this really enormous financial bomb sitting out there that most people are just hoping won’t hit them,” said Marc A. Cohen, co-director of the LeadingAge LTSS Center at the University of Massachusetts at Boston. “There’s an incredible amount of confusion and denial.””

What should be done?:ohdear:

https://wapo.st/42pxufs
What should be done? What CAN be done?

LTC insurance is available but if it is a new policy purchased by a person at or near retirement age is VERY expensive and is more so as one ages. But there are other options out there: the frailties of aging don't necessarily mean that nursing home/memory care placement is mandatory. Personal Care Attendant care in-home is available most places and is nickels and dimes compared to actual institutional care. Spouses can be taught to see to at least some of the increased needs of the other person.

Dad always said that if he knew he was in for a long dying process he'd take an airplane for one last ride. He never got the chance: Parkinson's meant a nursing home stay of eight years before he finally passed away. Mom however did have the opportunity. In her eighties, diabetes, bad heart, cancer survivor, diminished ambulation. She lived with my sister. One day at home she fell and broke her leg. She knew she was looking at a long bedridden time and the chances of the leg healing correctly were slim. So she called the company that monitored her pacemaker and asked them to turn hers off.

She was dead the next day.

She made the right choice.

[Jack58033]

What should be done? What CAN be done?

LTC insurance is available but if it is a new policy purchased by a person at or near retirement age is VERY expensive and is more so as one ages. But there are other options out there: the frailties of aging don't necessarily mean that nursing home/memory care placement is mandatory. Personal Care Attendant care in-home is available most places and is nickels and dimes compared to actual institutional care. Spouses can be taught to see to at least some of the increased needs of the other person.

Dad always said that if he knew he was in for a long dying process he'd take an airplane for one last ride. He never got the chance: Parkinson's meant a nursing home stay of eight years before he finally passed away. Mom however did have the opportunity. In her eighties, diabetes, bad heart, cancer survivor, diminished ambulation. She lived with my sister. One day at home she fell and broke her leg. She knew she was looking at a long bedridden time and the chances of the leg healing correctly were slim. So she called the company that monitored her pacemaker and asked them to turn hers off.

She was dead the next day.

She made the right choice.
What a brave woman and for the rest of you an act of love.

[justjim]

Maybe not the total answer but home health care is much cheaper than an assisted living/nursing facility which averages about $7,000 a month and increasing yearly. It’s a huge community issue that is not futuristic but a today problem that cries for answers. To start we have to train more health care personnel because without them you can’t get this ship to sail at all.

[Taltarzac725]

I have found how important it was when my Dad got long term health care years ago. Thank God he planned ahead.

You may want to check out the TRI-COUNTY CAREGIVER RESOURCE CENTER.

I copied their name off their website. Sorry about the shouting.

[blueash]

IMO a compassionate society would include in its list of options, that of patient chosen painless death. Like the woman above who had the option by turning off her pacemaker, we all should have the option to die on our own terms, not requiring hanging ourselves or shooting ourselves.

Nitrogen inhalation would be one good choice. A narcotic overdose would be another. We do it for our pets but deny it to ourselves. I have never had any person give me a reasonable explanation as to why this humane option is not provided to us.

[OrangeBlossomBaby]

IMO a compassionate society would include in its list of options, that of patient chosen painless death. Like the woman above who had the option by turning off her pacemaker, we all should have the option to die on our own terms, not requiring hanging ourselves or shooting ourselves.

Nitrogen inhalation would be one good choice. A narcotic overdose would be another. We do it for our pets but deny it to ourselves. I have never had any person give me a reasonable explanation as to why this humane option is not provided to us.

Yup. Because we couldn't afford long-term care insurance, we'll have to exhaust all our savings, and lose our home, just to be eligible for a nursing home. We don't have enough income to pay for our home AND home health care, and we never earned enough to save hundreds of thousands like some people could. We lived within our means, and we're still living within our means.

But many people don't realize that "within" our means also means not having extra to save for 1, 2, 5, 10 years of needing 24/7 nursing care.

[Garywt]

Dad died 3 years ago in his house while cooking, he was 90. Mom is now 92 and still lives in the house. As for me, I am on the younger side of the boomers. When my cancer kills me, my wife will get life insurance, can sell one or both houses, can sell my truck, the boat and one or both campers. This will get he by for a long while. In addition she will collect my pension until she passes. All should work out fine.

[DARFAP]

The globalists are taking care of it for us. It's called "depopulation."

[Buckeyephan]

My MIL passed last year at the age of 96. She required round-the-clock care in her home for the last 4 months of her life. Thank goodness she had savings since it ran nearly $15,000 a month. That was $20/ hour, 24 hours a day. Hospice provided the medical care but they don't help with direct care. Her wish was to stay in her own home with her little dog at her side. It wasn't easy to find and coordinate care, but we did it.

[Sabella]

Yup. Because we couldn't afford long-term care insurance, we'll have to exhaust all our savings, and lose our home, just to be eligible for a nursing home. We don't have enough income to pay for our home AND home health care, and we never earned enough to save hundreds of thousands like some people could. We lived within our means, and we're still living within our means.

But many people don't realize that "within" our means also means not having extra to save for 1, 2, 5, 10 years of needing 24/7 nursing care.

Wasted Trillions and it continues

[retiredguy123]

Maybe not the total answer but home health care is much cheaper than an assisted living/nursing facility which averages about $7,000 a month and increasing yearly. It’s a huge community issue that is not futuristic but a today problem that cries for answers. To start we have to train more health care personnel because without them you can’t get this ship to sail at all.
It depends. In some cases, the cost to maintain a house is added to the home health care, making it unaffordable. Selling the house and moving into assisted living is often cheaper. Also, if you need 24 hour care, I think a facility makes more sense.

[Chi-Town]

Long term care insurance should be part of a financial plan.

[rustyp]

Approx 27% of people will reside in a nursing home.

Median length of stay in a nursing home is 5 months prior to death.

The cost of a nursing home according to posters here is approx $7000 per month. Do not forget that includes the items you would have spent money on if at home - like food, entertainment, etc. Worse case here in TV is to sell your house and move into the nursing facility. I guess the median price of a house in TV is $400K. That is good for around 4-5 years in a home.

The fear is being wiped out - so says the people trying to sell you insurance. So on average you are protecting <$35K above normal living expenses. The odds are overwhelmingly in the favor of the fear mongers. It's whatever makes you comfortable.

[dewilson58]

Long term care insurance should be part of a financial plan.

Rarely needed.

Long-term in a nursing home is usually jus months.

It's a gamble if you have it, it's a gamble if you don't.

[retiredguy123]

More than 80 percent of the people living in nursing homes are on Medicaid. So, if you have LTC insurance, and you move into a nursing home, you will just be subsidizing the Government. Most nursing homes I have seen provide terrible care.

[charlieo1126@gmail.com]

IMO a compassionate society would include in its list of options, that of patient chosen painless death. Like the woman above who had the option by turning off her pacemaker, we all should have the option to die on our own terms, not requiring hanging ourselves or shooting ourselves.

Nitrogen inhalation would be one good choice. A narcotic overdose would be another. We do it for our pets but deny it to ourselves. I have never had any person give me a reasonable explanation as to why this humane option is not provided to us. 11 states have now some form of medical aid in dying , there’s hope for many of a death with dignity. I had a very risky life around the world , one of the things I learned was how to leave the field when things go badly , I plan on leaving the field if things do go badly for me .