Increased demand for nursing homes projected as boomers age
Posted on behalf of Stewart Bell, PLLC on Mar 29, 2012 in Nursing Home Information
Baby boomers changed the world. Born out of the World War II generation, baby boomers comprise the largest population demographic in the United Sates. During the next twenty years, an estimated 10,000 individuals will turn age 65 each day. To put the enormous number of baby boomers into perspective, consider that while there are currently 40 million U.S. citizens over the age of 65, by the year 2050, there will be nearly 89 million.
With the aging of this large population, come many challenges associated with how to care for this many elderly individuals. Finding quality living arrangements will be at the forefront, as the growing number of older citizens will bring increased demand for quality nursing home facilities.
While some family members may have the financial means and flexible schedules to take in aging parents or family members, many will not. Providing care for an elderly individual can be challenging and requires an enormous amount of patience, attentiveness and money on the part of the caregiver.
Many baby boomers, therefore, will become residents as nursing homes around the country and in states like West Virginia. Planning ahead for this life change, both financially and emotionally, is necessary. Monthly costs associated with assisted living facilities that provide basic care and supervision run in excess of $3,200 dollars, while monthly costs associated with care at a nursing home can cost more than $6,300 dollars.
With so many baby boomers entering their golden years, it's imperative that West Virginia families sit down and have real conversations about future living arrangements and how they will be financed. While difficult, having these conversations today can greatly help reduce future stress.
Source: U.S. News & World Report, "The Baby Boomer Number Game," Dave Bernard, Mar. 23, 2012