A recent study on middle income boomers by Bankers Life and Casualty Company showed that while members of this age group generally have a financial plan in place for their final life expenses, they are largely unprepared for any future that may require nursing home planning or Medicaid planning. Many, aside from plans for their final expenses, simply have plans to retire based on their financial situations.
This study dramatically illustrated, however, how crucial it is to think ahead and address such issues as long-term care needs, Medicare, guardianship and Medicaid. They expect to live longer, healthier and more active lives, the study suggests, but they aren’t acknowledging that this is not a given. After all, some 70 percent of individuals require long-term care services at some point during their retirement; only 36 percent of those surveyed, however, thought they would require it.
If these middle-income boomers want to have some control of how their lives will proceed should an illness or some other cause require them to need the services of a nursing home, extended care facility or assisted living, now is the time to act. With a little planning, they can ensure that they live their golden years out comfortably and stably.
In an ideal situation, the boomers will sit down with their family first and make them aware of their wishes for the future under all circumstances, especially if long-term care or similar measure should become a necessity. Then, they could make an appointment with an attorney who specializes in elder law and advise him or her of these wishes so that he or she can help prepare any documents or advise them the legal aspects of retirement planning.
Source: Life Health Pro, “Middle income boomers more prepared for death than life“, MICHAEL K. STANLEY, August 07, 2013