The twilight years should be a time for people to enjoy life, yet as baby boomers are aging in record numbers,the medical community warns that the healthcare industry isn’t prepared to handle the large number of people turning 65 at record breaking rates. This “Silver Tsunami” has impacted elder law and elder care in the US.
Baby Boomers Retiring in Large Numbers
The Baby Boom generation has been dubbed the “Silver Tsunami” because they are aging in large numbers. Approximately 10,000 Americans are turning 65 daily, doubling the number of people retiring every day 19 years ago. By 2030 the entire Baby Boomer generation will by over 65.
This “tsunami” has created a vacuum in many industries, where more people are retiring than there are employees who can replace them. This includes the medical industry, where there is a desperate need for nurses and other medical support staff.
Silver Tsunami Flooding Healthcare System
Not only are baby boomers retiring in record numbers, they are also less healthy than their parents’ generation. More than 60% of baby boomers have been diagnosed with serious medical problems, which may be attributed to their more indulgent lifestyle.
This means that, at a time when the Baby Boom generation is entering the phase in their lives when they are more dependent on the healthcare system, there is a severe shortage of people who can care for them.
Poor Estate Planning and Retirement Planning
Most people don’t have a retirement plan and reach retirement age with little or no savings, including baby boomers. Those who are depending on Social Security and Medicare find that they aren’t able to meet monthly expenses. With healthcare being a large expense for most retirees, covering medical visits and prescriptions that aren’t covered by Medicare leaves many elderly without money for food, rent and other bills.
Medicaid and In-home Care and Nursing Home Care
Medicaid can help cover some of the costs that Medicare doesn’t cover, however it is difficult to navigate all of the paperwork and processes to determine if a person qualifies for this medical assistance.Some elderly and their family members are left frustrated and confused when they try to determine if a loved one qualifies for Medicaid coverage for in-home care or nursing home care.
Elder Law, Estate Planning and Retirement Planning
Estate planning and retirement planning are important before you reach retirement age. Understanding how you will be able to live comfortably and cover the increased medical costs you will incur after you retire will help you put an effective plan in place.
Proper planning will also help issues that face many elderly today, including elder abuse and neglect independence issues and Health Care Proxy issues. An attorney who is experienced in the areas of Elder Law and Estate Planning can help you put the proper plans in place. This will help you approach your golden years with the assurance that you and your loved ones are cared for.
The Law Offices of Barton Levine can help you with Medicaid planning, estate planning, guardianship issues and retirement planning. Click here to access our FREE elder law resources or Contact Us today to schedule a free session.