THE AGING POPULATION AND OUR CARE SYSTEM
America’s Aging: Prepping for the Boomer Care Explosion and Its Affordability
America’s Aging: Prepping for the Boomer Care Explosion and Its Affordability
Author: Angela Norris
More and more families are facing the challenges of aging, the aging population and our care system is at the forefront of concern. With a surge in the global population of 65-year-olds and older, baby boomers must confront a new landscape in senior care and their well-being care needs. Needs they must navigate in an already over-stressed care system.
By 2050, the statistics are staggering:
- In the U.S., the population of citizens 65 and older will surge to 83.7 million. That means in 2050 when the millennials are 65, there will be an increase of more than 20 percent of the population, almost double today’s numbers.
- Americans aged 85, meaning the top of Generation X and the bottom of the Boomer Generation will account for 4.5 percent of that population.
- Estimates show 58 percent of our nation’s baby boomers will need long-term care.
If you or a family member is part of the baby boomer generation, the statistics and the complexities of the well-being care system can be daunting. To address your concerns, you’ll need a road map of the options, opportunities, and challenges you’ll face during the boomer care explosion.
Meeting the Challenges, the Changing Well-Being Landscape:
Both government and non-government health insurance providers are determined to tackle the healthcare needs of the booming baby boomer, senior population while keeping costs under control. As a result, providers are creating alternative payment methods such as the bundled payment program to help you and your family. In this model, healthcare providers receive a single payment covering all services needed for what’s known as an “episode of care.”
For example, if you or a loved one needs hip replacement, bundled payments cover all your needs from the hospital to a skilled nursing facility resulting in greater coordinated care, increased attention for follow-up needs, and reduced chances of returning to the hospital. Best of all, providers are reimbursed based on value, not volume, which means you receive the individual care you need.
Life Care Funding Group
Many people do not realize that their life insurance is a financial asset that may benefit them today. If your loved one owns life insurance they no longer need or can afford, that is something they can sell through our relationship with Life Care Funding Group. They offer two methods of converting a life insurance policy into funds you can use for long term care or senior housing. The Assurance Benefit converts a death benefit into a long term care benefit without premium payments or wait periods. Benefit amounts are larger than a life settlement and the process is quick and uncomplicated. The benefit will cover every form of long term care and senior housing. A Life Settlement is the sale of an in-force life insurance policy to an investor that will set certain minimum requirements for age and policy size.
The Life Care Funding Group helps seniors raise funds to pay for senior housing through the life settlement market. A “life settlement” is the sale of an in-force life insurance policy for an amount much greater than the cash surrender value from the insurance company. Many families and seniors find a life settlement a great way to help finance their senior living options.
- Process takes 30-90 days
- No upfront charges or obligations
- Policy owner receives lump sum payment and no longer pays monthly premiums
Making Smart Choices for You and Your Family
Making smart choices means planning for your future and your well-being. Unfortunately, not all providers are created equal. As a result, you and your family will need to carefully plan for your senior needs. A few key questions to ask:
- What is the provider’s readmission rate? If it’s high, look elsewhere.
- What is the provider’s resident satisfaction score? The higher the better.
- Does the provider offer a continuum of care from assisted living to skilled nursing?
If you plan on visiting senior care facilities, make a checklist of importances and then compare the facilities. Look and listen and ask other residents. Look at what is around you. Is the facility clean? How often do they service the room? Change the linens? How is their staff? How often does the staff turn-over? Are they friendly? What local hospital do they use? Do they have community functions? Transportation?
You and your family should also utilize free resources to help you make smart choices. Medicare offers a Five-Star Quality Rating System to help you and your family find the highest-quality skilled nursing facilities.
In addition, always look for acute and post-acute care providers with excellent industry ratings and customer reviews and an unwavering commitment to quality, excellence, integrated delivery, and an empowering and resident-centered mission. If necessary, hospitals can always provide referrals to senior care facilities they trust. By taking the time to prepare, you and your loved ones can meet the challenges of aging and maintain the quality of life you deserve.
