We've heard of the graying of America … the growth of the number of people over 65. This senior explosion will result in the number of citizens over age 65 doubling within 50 years, while the number over age 85 triples, dramatically increasing the need for chronic, ongoing health care.
With 77 million baby boomers turning 85 in 2030, roughly 15 million people will be unable to care for themselves and must have qualified caregivers. And based on today's inflation rate, by the year 2030, a three-year stay in a nursing home is projected to cost more than $500,000.
The economic realities of long-term care are so overwhelming to most baby boomers that the solution seems to be denial. "The government will have to find a way to take care of me" is the type of comment we hear.
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So, why isn't anything being done about it? Whose responsibility is it? The logical answer that comes to mind is that it's up to our political leaders who manage our cities and town, state and federal governments.
History shows that political campaigns are won or lost based on a balance of powerful speeches backed by effective political strategies. And the campaign strategy is where the real problem lies.
Politicians align themselves with popular problems and ones that affect most of the voters. Unfortunately, the issues of eldercare are so all-encompassing they affect every man, woman and child in the United States.
The issue of adequate eldercare will affect every one of us, but it'll affect seniors first, since the senior set is such a large group and the most at risk today. So, staying silent is an answer, yet the silence will become deafening. Our political leaders must focus on problems that can be solved and during their upcoming term of office. It wouldn't be appropriate to open Pandora's box and leave it open for a successor.
How has the issue of eldercare missed the debates and editorials? That doesn't matter now. This must be dealt with by everyone. If your mother's mother has Alzheimer's, we need to find a safe place for her. She cared for us and now it's our turn. And the more of us that share this problem, adequate care for the elderly, the more effective we'll be.
I'll ask the question again. Whose problem is it? It's ours. It's mine and it's yours. And for our political leaders, I'm confident they'll now begin their exploration.
We are facing a national crisis: the need and cost of financing long term care. We're having trouble taking care of 1.5 million people today. There will be 10 times, or 15 million, as many elderly to care for in the year 2030. And nothing is being done about it.
We are facing a natural, national tragedy the likes of which we have never experienced. It is not unexpected our health will decline as we get older. It is totally predictable, but no one is offering solutions.
Allan Checkoway recently published ElderCare Survival…Long Term Care in the 21st Century; Long Term Care Insurance Marketing Presentations. Allan also self-published an e-book A Consumer's Disability Insurance Guide. For more information, visit www.eldercaresurvival.com
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