If you expect to age in place in your own home, you need to plan how that will be accomplished. Baby Boomers are now caring for their parents. Because there are so many Baby Boomers there is a large pool of people who can be caregivers. The following generations are smaller, however, providing a reduced pool of potential caregivers for the large Baby Boomer Generation. Over the last few decades our family members have become more geographically remote from each other and the women in our families have gone to work to help support our families. There are going to be fewer family members available to care for us as we age. Forbes reports, “In 2010 there were more that 7 potential caregivers for every person 80 and older. By 2030, there will be only 4, and by 2050 there will be barely 2.5.”
Over the last couple of years there have been numerous reports that Medicaid is one of the fastest growing budget categories for the State of New York and its counties. New York State has taken steps to try to control growing Medicaid costs. It has recently required elderly home care recipients to choose managed care providers. The result will be that the elderly are going to need to be vigilant in fighting to get Medicaid to pay for the home care that they need. As the Baby Boomer Generation ages the State is likely to look for additional ways to rein in Medicaid spending.
Those who want to age in place in their own homes need to plan now. They need to identify who is likely to provide their care and ascertain how it will be paid for. Part of the planning process should include determining what services may be needed, what the cost will be and how they will be paid for. When planning consider whether the needed home care services are likely to be provided by family and friends or by paid providers. If the home care is to be paid for, planners need to also consider if the source of the funds will be savings, long term care insurance, Medicaid, or a reverse mortgage.
We are more likely to have the future we desire, if we plan for it. Set a deadline to take the next step.
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