Baby Boomers Fear Retirement Years

As this article indicates, there is a tendency for retirees to avoid thinking about retirement altogether. As the owner of Caring People, a private duty home care company, I would agree that financial concerns are a top concern of the elderly. I would like to add some thoughts from the Long Term care perspective, that we provide our community and clients:

1. Upon an initial interaction, with family members, a key aspect of worry is duration of care, or how long services will be required. Clients are living longer and, not necessarily healthier.

2. We do encounter potential clients that have unintentionally, overlooked the benefit of financial planning. Start planning now, remember that government run programs are extremely limited, and do not address long term non-skilled needs.

3. Keep in mind, that you must qualify for Long Term Care Insurance. Here is a link from the U.S. Department of Health and Human Services, where evaluating your options are well explained. In the past, financial planning at the later stages would be directed toward qualifying for state run Medicaid programs. These programs have been adversely affected by State budget cuts and more rigorous qualifying procedures, and depending on where you live the services available through that program could be extremely limited.

My advice to baby boomers is to look into Long Term Care Insurance from a reputable company and opt for a policy that provides a significant daily, lifetime benefit along with an inflation rider. Why? Because according to AARP, 7,000 people turn 65 years old every single day! Time to start planning.

Steven East, CEO and President

Caring People Home Healthcare Agency

Servicing New York, New Jersey and Florida

www.caringpeopleinc.com

Steven East of NY 11:51PM July 05, 2011