Friday, November 15, 2013

A STORM IS COMING

Aging, Injury and Long-Term Care Loom Like a Storm

Some of my severely injured clients require long-term care.  You might be surprised to learn that almost half of those that require long-term care or other similar assistance are under the age of 65!

Two out of every three of us will require long-term care at some point in our lives. That also means that 66% of us will miss more than six months of income during our working lives!

In handling personal injury, medical malpractice, workers compensation and social security disability for years now, I have seen how massive an impact that can be.  Most folks cannot go six months without that income, and then caregivers are usually unable to work. This puts two folks out of the workforce.

Add to that, the soon-coming storm.

The population shift that we are living through is bigger than any of us can probably appreciate.  Baby boomers (born 1945-1964) and Generation X (1965-1979) have far fewer children and much less stability in marriages. (Turns out  the 60’s “free love” wasn’t so free).  As a result, there are fewer adult children alive to provide support, and many who are alive are estranged or just plain worthless.

For instance, statistically there are more than seven people that are between ages 45-64 that are available to care for those baby boomers and others currently over 65.

But, by just 2030, that drops to only four, and by 2050 maybe three! Imagine, three times the current senior population, but only a fraction of middle aged to give care and pay taxes.

So, who will take care of you and I?

I am sure our government has an answer, and I am sure I am not going to like it.