Baby Boomers and Long-Term Care

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Baby Boomers and Long-Term Care

Things have changed considerably. The same baby boomers that led social movements in the second half of the 20th century now plan on keeping their independence, and as our 78 million 'Baby Boomers' (BBs) (those born between 1946 and 1964 in the United States) reach retirement, they will continue to shape our society in many more ways than one. By the year 2020, nearly 12 million people will need long-term care, and this number will increase with the aging baby boomer population. Many baby boomers living with long-term care policies live in constant fear and worry that the premiums will jump significantly in the years ahead, and when they will be using them much perhaps (Cuellar & Wiener, 2000; English, 2012). It will be crucial for public policy goals related to the aging society balance the need to provide adequate services and the economic and social well-being of the younger generation. The economic challenges are of great magnitude. However, if public and private modifications and progress begins in the near future; it will make the future burden substantially easier to handle (Knickman & Snell, 2002).

Aging Baby Boomers

By 2030, the elderly population will be twice what it is today. In addition, much of this growth will be prompted by the aging of the Baby Boomers. They will vary in ages from 66 to 84 - the "young old" - and will be approximately 61 million in numbers. In addition to the Baby Boomers, those born before 1946 - often referred to as the "oldest old", will be approximately 9 million in 2030 (Knickman & Snell, 2002). Even with age, many BBs will be more independent, and many will want to live on their own, and will employ help where needed. Among those in their 40s, only 10 percent have secured an insurance plan, and if more people are unprepared for the costs associated with aging, this will mean funds in need-based programs such as Medicaid will be depleted in the coming years. As the BBs age, there will be a plethora of challenges ahead (Knickman & Snell, 2002).

Medicare

As the population (BBs) age, social security payments will increase, medical care insurance costs will grow, and medical expenses and pharmaceuticals will create even bigger burdens, as costs grow. Every senior has to prepare for four key "aging shocks": ...