You might hate the term "hey boomer" but there are a lot of people who fit the age demographic. The Chicago Tribune reported that the youngest baby boomers are now in their mid-50s. The oldest are in their 70s. The boomers are getting older, and many have already retired. The Late-Boomers and Generation X are also aging in mass.
Many companies face unexpected retirements. The Chicago Tribune reported that in the next five years, "almost three-quarters of the companies surveyed in 2018 by Willis Towers Watson, a risk-management and insurance brokerage company, expect to face significant or moderate challenges from late retirements. But because nothing is predictable, a significant share are also worried about early ones."
More and more people retire out of necessity because they need to take care of an elderly parent. This crisis management occurs because no advance plan was put in place for the impact of longevity and long-term care. Care is very expensive, and family caregivers face a tremendous burden and stress.
About 10,000 baby boomers turn 65 each day. The U.S. Department of Health and Human Services reports that about 70 percent of people who reach age 65 will require some type of long-term care service before they die.
South Carolina is among states with a fast-growing aging population, with natives and career-related transplants being supplemented by a flow of older people moving here as a destination in later life.
The reality has prompted state leaders to warn that more and more emphasis must be placed on caring for the elderly. Two facts they must deal with and address. The state is presently devoting too few resources and because few people make preparations for an inevitable part of life that can drain a family both emotionally and financially.
More and more, the need for long-term care approaches the crisis level as people live longer. That means family members may be thrust into participation, whether ready or not, says Chris Orestis, senior health-care advocate and CEO of Life Care Funding.
“In many situations, the need for care will creep up on a family.”
“Suddenly, people realize they have assumed duties that take up more and more of their time and take a toll on their lives.”Chris Orestis, senior health-care advocate and CEO of Life Care Funding
Roles of Family Members
Over the years, he says, he has seen these family members gravitate naturally to roles that fall into several stereotypes.
• Caretaker – This person provides care for the loved one at home and, without realizing it, becomes a fulltime caregiver. Usually, this is a spouse or an adult child, most often a daughter.
• Bookkeeper – This person focuses on the financial aspects, trying to determine what assets or insurance policies are available to help with the costs of care.
• Chauffeur – This family member drives the loved one to appointments, runs errands, makes grocery runs, and eventually may drive the aging loved one to tour assisted-living facilities.
• Guardian – This family member takes on such roles as a power of attorney or trustee, assuming the legal responsibilities within the family.
• Denier – This person is not able to accept or admit that the loved one, or they themselves, need care.
• Know-it-all – Most annoying of all, this family member constantly questions decisions, or lobs suggestions from the backbench, but isn't near the situation or involved hands-on.
With such a lineup, it's easy for resentments to build, Orestis says, but that needs to be avoided because the focus should be on the aging loved one and ease the transition if a decision is made to move into a nursing home or assisted-living facility.
Eventually, once it's clear professional long-term care is needed, and a plan is in place to make it happen, a conversation needs to take place with the loved one, who may be apprehensive or even resistant, Orestis says.
The conversation should be handled with compassion and delicacy, he says. Emphasize that not only will this move improve their health and safety, but there will be numerous opportunities for social activities, games, art, entertainment, and great food.
As in most every instance of life decisions, finding common ground is vital.
“The key is for the family to come together. Look for the signs that care is needed, formulate a plan, communicate effectively with your loved ones and change the perspective about long-term care from a negative to a safe, healthy and enriching experience in the continuing journey of life.”
Part of this article originally appeared on TandD.com: The realities of long-term care for elderly - http://thetandd.com/news/opinion/editorial/the-realities-of-long-term-care-for-elderly/article_787a3a02-f46f-5478-ad82-98e8b848bc7b.html
Don’t place the full responsibility caregiving or managing your care on the shoulders of your family members. Without an advance plan, this role is often a daughter or daughter-in-law who must balance their career, family, and other responsibilities. It is not easy. There is a better solution.
Affordable Long-Term Care Insurance gives you access to your choice of quality care in the setting you desire without placing a burden and stress on your loved ones. Plus, they protect your income and savings. There is no need for your family to go into crisis management when you take the initiative to safeguard assets and ease family stress with an affordable Long-Term Care Insurance policy.
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