About 75 million people born between the year of 1946 and 1964 comprise the baby boomer generation and they would be approaching retirement in the coming ages. With aging of baby boomers there will be an enormous impact on long-term care for the elderly. The growth in the number of seniors will significantly change how health care is provided to this large amount of aging people. Further, with loss in boomer-age providers there will be further pressure on the already stressed health care industry.
According to the U.S. Administration on Aging, almost 12 million people will need long-term care by the end of 2020. The rising concern is not just about the health care facilities but also about the cost of Medicaid and financial preparedness of the baby boomers. Significantly, there are 5 ways in which baby boomers are changing health care industry and you must know about the same to prepare yourself and your loved ones for the coming years.
1. Baby Boomers Live Longer
The first basic concern of the baby boomer population is that they live longer. This directly impacts the long-term care requirements for the aging population. Although the seniors are aging but they tend to live longer due to advancement in medical technologies. Further, since baby boomers are living long past their retirement age, their need for health care and support is significantly high.
2. Baby Boomers Wish to Live Independent
Most of the baby boomers wish to live independent since they have been working independently. After retirement, most seniors do not want to depend on their children and it is their need for independence that drives them to care centers. Most of the seniors would look for health care centers and residential care centers which will significantly impact the long-term care industry. Sometimes, baby boomers also wish to stay at home and require in-home care and assistance.
3. Lack of Insurance
Most baby boomers have the capability to buy insurance but they are not buying enough insurance that is required for long-term care. The services offered by health caregivers are not usually included in comprehensive health care plans and unless enough insurance is bought by the baby boomers, there can be a huge financial impact on the health industry
4. Increasing Government Aid Options
All baby boomers are not eligible for Medicaid and Medicare facilities but they can seek assistance from several government aided options, such as the Federal Long-Term Care Insurance Program that is exclusively available for federal employees. Seniors can also seek guidance from long-term care ombudsmen to understand medical care options that would be suitable for them.
5. Diverse Health Care Options
Baby boomers will impact the long-term care industry as they would create a lot of opportunities for out-of-home care facilities as well and in-home care services. There will be huge demand for qualified professionals in the coming years and this will significantly boost the healthcare industry.