With their sheer numbers and unique approach to life, baby boomers have forever changed the landscape of the country. Experts predict they will continue to have a dramatic impact going forward as they face the challenges of increased medical needs and concerns over long-term care.
Certainly, changes will be required. The country’s medical workforce is already stretched, and the shortage is expected to worsen. The costs of long-term care are steadily escalating, and many boomers don’t have adequate savings or insurance to cover them. Even those that do don’t view life in a nursing home in a positive light.
Thankfully, there are some bright spots on the horizon. Advances in technology may reduce pressures on medical professionals and offer additional options for seniors. Virtual and e-health medical care is growing in popularity. We now have software that monitors vital signs and tells patients when to take medications. There is an app that allows seniors to let caregivers know what they ate, what medications they took and how they are feeling. Traditional emergency-response services enable users to easily call for help; others employ activity sensors in seniors’ homes, sending an alert whenever typical actions are not taken. Two-way video conversations can replace some health aid home visits.
A substantial number of older Americans is able to avoid or delay long-term care by living with other family members. In response to this growing need, new home plans frequently include mother-in-law suites or two master suites.
Area Agency on Aging offices offer a variety of services in the home and community to help seniors retain their independence, including meal delivery, recreational activities, transportation, housekeeping help, senior companions and even assistance with minor home repairs. As boomers age, this assistance will undoubtedly increase to meet growing demands.
While it’s great to have an optimistic outlook and hope you never need long-term care, it’s always best to plan for the unplanned. I would be happy to meet with you to review your plan for long-term care and discuss changes you might consider to better prepare for retirement. Contact Jordan Dechtman, your Denver registered investment advisor representative at 303-741-9772, email him at Jordan@JordanDechtman.com or visit our website www.JordanDechtman.com to schedule an appointment.