Boomers
Flunk LTC IQ Test – 63% Receive Failing Grades
Recently,
Met Life completed a survey that found the following results:
only about one third of boomers have a basic understanding
of long term care.
There
are two very important points that are not understood:
1) Longevity – if one lives to age 65, there
is a pretty good chance that one will live to 84-85. 2)
As one ages into the senior years (eighties) there is a
strong likelihood that some type of care will be needed.
These
misunderstandings and misconceptions lead to incomplete,
inaccurate and/or no LTC planning.
Alzheimer’s
Spending – To Triple in 15 Years
A study
for the Alzheimer’s Association suggests that Federal
spending on Alzheimer’s disease could triple to $189
billion in the next 15 years. Federal Alzheimer’s
spending accounts for 34% of total costs in the federal
program for the elderly. Currently, the Association estimates
that 4.5 million Americans are afflicted with the disease.
As the baby boomer generation ages, the number is expected
to grow by 4 times over the next 40-50 years.
The Alzheimer’s
Association and the National Institute of Aging estimates
that the current national direct and indirect costs of caring
for people with the disease have reached $100 billion.
-
John B. Linvill Jr., CSA
