America’s Baby Boomers are turning 65 this year! Our senior population is projected to hit 49 million by year’s end. The silver tsunami soared from 35 million in 2000 and the wave is expected to more than DOUBLE at 72 million seniors in 2025.
Overwhelmingly, the survey results revealed that seniors and their adult children are ill-equipped and uninformed about topics such as the varied levels of senior care and, more importantly, how to finance senior lifestyle choices.
How well do you know your choices for senior care? Quickly quiz yourself on the definitions of the following senior care terms:
- Senior Centers
- Adult Care Centers
- In-Home Non-Medical Care
- In-Home Medical Care
- Retirement and Independent Living Communities
- Assisted Living Communities
- Skilled Nursing Homes
- Hospice Care
How many can you clearly define? Hmmm…
According to the study, 71 percent of adult children surveyed could name only two of the eight non-family care options “off the top of their head”. Sixty-six percent of the seniors surveyed showed the same lack of familiarity with their own care options.
If you don’t know the definitions to these terms, please begin your homework by reading “Seniors and the Information Gap”, a white paper from Home Instead Senior Care. Then, consult a few more of Houston’s senior resources such as Harris County Area Agency on Aging and explore a few financial planning options such as long term care insurance resources.
If you have a story to share regarding planning for your own care, or the care of a loved one, please share your insight.
Also, if you have innovative suggestions for financial planning for senior care, please share with our readers!