Most Baby Boomers will need Long-term care. Make sure you’re ready. Long-term care (LTC) is a reality for over half of Americans as they age. For Baby Boomers, now entering their 60s and 70s in large numbers, the need is pressing. A CBS News report highlights how family members often bear responsibility, sometimes leaving jobs or reducing work hours to provide care. At the same time, professional caregiving costs are rising, stretching family resources thin.
Without planning, the burden can fall on adult children, who may not be financially or emotionally ready to provide round-the-clock support. That makes early preparation critical for maintaining independence and protecting family stability.
The High Cost of Care
The cost of long-term care varies depending on the type of support needed. In-home services, assisted living and nursing homes all carry significant expenses. According to national surveys, the average costs can reach thousands of dollars per month, and inflation continues to push these numbers upward. Here is a calculator from Genworth and CareScout that you can use to plug in your location and get cost figures for various LTC options.
For families without planning, savings can be depleted quickly. Medicaid may cover nursing home care for those who qualify financially. However, eligibility rules are strict, and proactive asset protection is essential.
Family Caregiving Pressures
Many families begin providing informal care before considering professional options. While caregiving can strengthen bonds, it often comes with financial and personal sacrifices. Adult children may struggle to balance careers, raising their own children and caring for an aging parent. Stress, burnout and strained relationships are common outcomes when no plan is in place.
Medicaid Planning and Asset Protection
Medicaid is the primary public program covering nursing home care. However, eligibility requires spending down assets. An elder law attorney can help families structure resources so parents can qualify while preserving assets for the healthy spouse or heirs. Tools such as Medicaid Asset Protection Trusts and strategic use of exempt resources can make a major difference. Beck, Lenox & Stolzer Estate Planning and Elder Law, LLC, has been helping families work through the Medicaid maze for over 20 years and are highly qualified to assess each situation and develop a plan.
Long-Term Care Insurance
Although policies are expensive, long-term care insurance can help cover the costs of in-home care, assisted living, or nursing homes. For Boomers who are still in good health, purchasing a policy may alleviate financial pressures later. Hybrid life and LTC policies are also growing in popularity, providing dual benefits.
The Role of Elder Law Attorneys
Elder law attorneys help families develop comprehensive strategies that blend healthcare planning, asset protection and estate considerations. By addressing both the legal and financial aspects, they ensure that families are prepared before a crisis strikes.
If you or your loved ones are concerned about long-term care costs, consulting an elder law attorney can provide the guidance and peace of mind needed for the years ahead. Take advantage of our free initial phone consultations. You will speak with one of our attorneys, and together, determine what kind of assistance you need. Click here to schedule.
Key Takeaways
- Most Baby Boomers will need care: More than half of seniors will require long-term support during their lifetime.
- Costs are rising quickly: Assisted living and nursing homes can drain savings without proactive planning.
- Family caregivers face heavy burdens: Emotional and financial strain is common when children provide care without outside help.
- Elder law guidance is essential: Attorneys help protect assets, qualify for Medicaid and create sustainable long-term care plans.
Most Baby Boomers will need Long-Term Care. Are you ready? If not, contact us. Planning ahead is always better than having to react in a crisis.
Reference: CBS News (Sep. 16, 2023) “Most aging Americans will need long-term care in their lifetime. Loved ones often take on the labor and costs.”
