As baby boomers continue to age, they face a number of issues that are far different from the concerns faced by their parents. Advances in medicine and technology have increased the average American life span, and many baby boomers in New Jersey and elsewhere can expect to live into their 80s and even into their 90s. With advanced age, however, comes the increased likelihood that many will require some sort of residential nursing care in their later years. This means that nursing home planning is an important topic for older Americans.
When many New Jersey residents consider their estate plan, they focus on ensuring that they can pass their assets on to their loved ones in the manner that they wish. While this is a vital aspect of estate planning, there are other parts of the process that are just as important. Making sure that one’s own late-life needs are taken care of is a prime example. Unfortunately, many individuals fail to recognize the need to address nursing home planning.
New Jersey residents who are planning for retirement may find the case studies of estate planning individuals interesting. Nursing home planning is an example of an area that should be carefully considered in retirement years, and many couples face concerns about whether their assets will last to cover such expenses. A list of priorities for retirement is important as many couples face interests in traveling and other enjoyable activities. At the same time, they face the need to preserve assets for unexpected medical and care needs.
New Jersey residents who are planning for their futures may wonder about how to reduce estate taxes or avoid using their savings to pay for their long-term health care needs. One advisor recommends that couples start their estate and nursing home planning while they are healthy.
New Jersey residents who are older sometimes end up developing Alzheimer's disease, and as the population continues to age, the number of Americans with this disease is expected to rise. Currently, more than five million people have Alzheimer's, and the rate of individuals with this disease doubles every year after the age of 65. Since this medical condition leads to decreasing memory and abilities, financial and nursing home planning are essential.
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.
In our previous post, we began looking at the issue of long-term-care and the difficulty many Americans have in purchasing long-term-care insurance. Here we continue that discussion.
When folks think about how they will pay for long-term-care as they age, there could be a number of reactions. Some will go out and purchase insurance products to protect themselves and their family, and others may choose to forego insurance products and plan on using Medicaid as a fallback if their own assets run out. Others will just throw up their hands, unsure of what they should do.