In our last blog we discussed the lack of knowledge among most boomers of what it means to grow old. Pretty alarming stuff.
This week let’s find out how much you know about what to expect in your “golden years” and provide you with a few answers so you can start planning.
1. Who qualifies as a “Boomer”?
Answer: Anyone born between 1946 and 1964. According to The Boomer Project, the first wave of Boomers are turning 65 this year (2011) at a rate of more than 8,000 a day!
2. What are the eight levels of professional care that some of you may need as you grow older?
Answer: Senior Centers
Adult Care Centers
In-home non-medical care
In-home medical care
Retirement and independent living communities
Assisted-living communities
Skilled nursing homes
Hospice care
3. Have much could some of these care levels cost you in today’s dollars?
Senior Centers: Nominal (Typically a per-day fee for congregate means and other activities)
Adult Day Care: $15,250
In-Home Non-Medical Care: $18,000
Independent Living: Less than $30,000
Assisted Living: $36,000
Skilled Nursing Home: $78,000
4. How much longer can you expect to live? According to the US Census Bureau, the number of people in the U.S. over the age of 100 in 2050 could be anywhere from 834,000 to more than one million.
While more than half of all Americans will spend part of their senior years in long-term care situations, the study points out that few have the resources to cover such a major expense. Don’t expect Medicare and Medicaid to provide full coverage for these costs. At best they will offer only limited coverage under certain circumstances.
Besides the information gap, the study found that the U.S. has a “shortage of trained professionals to handle the growing number of geriatric cases.” For example, the number of geriatric psychiatrists will diminish from one for every 11,372 Americans to one for every 20,192 Americans by 2030.
The study concludes that a massive public information campaign is needed to bridge this knowledge gap, but that it “would pay for itself many times over in lowered costs for senior care and less suffering for millions of Americans.”
The above information is taken from: “Seniors and the Information Gap.” A White Paper from Home Instead Senior Care, a US-based international franchise network providing high quality, non-medical senior home care.
Sig Cohen
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