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katy @ ngenius.com

Long-Term Is Right Around The Corner

If you're a Boomer without long-term care insurance, it's time to plan


Boomers are eternally optimistic, I think. And the one thing they are most optimistic about is never-ending youth. But honestly, it’s time to get a grip.

Not only are Boomers not going to live forever—-facelifts and butt lifts and fantastic vitamin formulations notwithstanding—-a whole bunch of us are going to “do time” in a long-term care facility before we kick. They still don’t have a cure for Alzheimer’s, you know (although those brain teasers we’ve been working on are bound to help), and the US is looking down the barrel at 80 million Boomers retiring over a 20-year period.

With life-expectancies stretching into the 80s and 90s, a much larger percentage of our generation could end up facing dementia than in previous generations, if only by virtue of the fact that we’re living longer. I don’t know about you, but I hesitate to ask my children and grandchildren to fork it over for the costs of my long-term care. And I certainly don’t plan on them caring for me themselves.

So what’s a Boomer to do? I suggest we waste no time investigating the long-term care policies on the market today. And I do mean TODAY. 2008 is already half over, people! If six months can fly by that quickly, do you believe time is somehow going to start moving more slowly? I didn’t think so.

Of course, the sooner you apply for long-term care insurance, the lower your premiums will be. If you’re in your 50s when you take care of it, it’s truly not terribly expensive. But if you wait until you have to be admitted to the hospital for something like, I don’t know, a bit of a dizzy spell, the origin of which manages to elude diagnosis?

Never mind that you recover and never have another episode. Even if you’re in your mid-50s, you WILL be turned down for long-term care insurance, and kindly invited to never apply again.

There are times in life to strike while the iron is hot. The time to act on attempting to meet your own future needs is while it’s inexpensive and before you’re disqualified by some transient health concern.

You can totally ignore this advice if you believe the government (aka the next generation of taxpayers) will pay for all your nursing home expenses (and in case you believe that they pay for our elders now, they don’t!).

Or if you believe that your children are just dying to change your diapers.

Posted by Katy on 07/02/08}
in FamilyOur ChildrenHealthPersonal FinanceRetirement


  1. I have found that many clients who go for longtime health insurance actually find it very difficult to cop up with it for many reasons. Some people find that their long view my is not a good thing while some others want to change the plan at a later stage but will be left with lower possible options. But I do agree that these are going to perfect for those who have long-term planning.

    Posted by Jordan  on  11/15/10  at  08:29 PM


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Are You a Late Boomer?

If looming retirement is catching you off-guard between an aging parent and a revolving-door kid, you might be. If you've delayed travel only to discover they've changed the names of all the countries, you are. And if you're a member of the Baby Boomer Generation who's ready to give back but you've forgotten where you put it, stay tuned. From healthcare to personal finance, from career changes to volunteerism, it's time to boom where you are planted.