The Baby Boom Generation consists of children born between 1946 and 1064 in the US. The 76 million baby boomers make up 28% of the population. Of this generation 40% will celebrate their 90 birthday. At some point in their lives 70% of people over the age of 65 will need some kind of Long Term Care Services.

The elderly population will be double what it is today when this generation reaches retirement at 2030. In 2010 the oldest baby boomer will turn 65 and the youngest by 2030. The need for long term care is felt the most when the youngest baby boomer turns 85 by 2050. 30% of Baby Boomers are under the impression that they have long term care coverage.It is unfortunate that those who can afford to purchase a policy have not done so yet.

The financial drain on the government will be profound if Baby boomers who will make up a big portion of seniors needing long term care in the future are not planning for this need today. Medicaid pays 43% of costs for nursing home care for seniors. Medicare and Medicaid will be taking more out of the system future when fewer workers in the workforce will be contributing (tax).

Today’s life style has made informal home care a less of an option for the baby boom generation than it was for their parents. Demographic changes like smaller family size, work related mobility, increase in divorce rates and increase in people choosing to remain single have made informal home care more difficult.

Every baby boomer needs to realize the possibility of needing some kind of long term care at some point in their life. Making long term care a key component in retirement planning will lead to financial peace of mind in old age. Not being in denial that “this can never happen to me” and buying long term care insurance at an earlier age will be cheaper than later. Being realistic and not assuming that the government or family to take care of you will help you choose a long term care plan that best fits you. To not to be a burden to your family and for peace on mind in old age, choose a long term care insurance policy with the maximum coverage.

Learn more about long term care insurance. Stop by Maria Smith’s site where you can find out all about long term care health insurance and what it can do for you.