The baby boomer generation is getting older, and people who are part of this group are reaching retirement age in droves. There are about 10,000 people applying for Social Security every day, and analysts tell us that this volume should stay in place for the next 20 years.
Because of this, the population as a whole is aging. There is a very interesting statistic that is relevant to the elder law community that was circulated by the United States Census Bureau back in 2010 that underscores this fact.
The segment of the population that is between 85 and 94 years old is expanding rapidly. According to the census report, this group grew faster than any other ten-year age span between 2000 and 2010.
When you reach such an advanced age there is a very good chance that you will require nursing home care. There are other reasons why some seniors require assistance with their day-to-day needs, but Alzheimer’s disease alone is enough to get your attention.
According to the Alzheimer’s Association about 40% of people who are 85 and older are suffering from the disease.
Nursing home care is very expensive. Last year the average cost for a year in a private room in a nursing home in California exceeded $100,000. 10% of the people who require nursing home care remain in the facilities for at least five years.
Medicare doesn’t pay for long-term care so those who are serious about being prepared for the future should take the matter seriously and seek expert advice. If you would like to do just that take a moment to arrange for a consultation with a licensed and experienced elder law attorney.
Armstrong, Fisch & Tutoli is a member of the American Academy of Estate Planning Attorneys.