More baby boomers in California than ever have become caregivers for their parents and their loved ones, which means that the realities of the work required and the costs involved are sinking in.

Even if you’re currently busy managing the care for one of your own loved ones, it’s important to create a plan for yourself especially since today’s baby boomers are living longer than ever before.

Working longer, living longer, and likely being affected by at least one long term care event in older ages means that you can’t afford to kick the can down the road or leave it up to your children to figure out what your long term plan should be.

A 2018 study completed by the Insured Retirement Institute found that over 40% of baby boomers have nothing set aside for retirement and among those who do have some form of retirement savings, nearly 40% have less than $100,000 set aside. The cost of even one long term care event and resultant nursing home stay could be catastrophic for the savings set aside and devastating for family members who have no choice but to step in when no retirement savings are available.

Medicare will not pay for the expenses of any type of long term care either in your own home and in an assisted living facility or a nursing home. This means that sitting down with your California elder law lawyer gives you the best chance to obtain Medicaid benefits if and when the time comes and to ensure that your loved ones are not put in the difficult situation of scrambling to put together a plan based on what they can currently manage.

Comments are closed.