5 Ways Baby Boomers Are Changing Long-term Care


Diverse Long-term Health Care Options

In addition to relying on private insurance, many boomers plan to receive care from family members [source: Merrill Lynch]. Whether boomers move closer to existing family or compensate helpers for long-term care services, one thing's for sure: They want to maintain control over their care, especially if they had negative experiences providing for their aging parents.

Boomers also have more options than before to finance assistance and housing from health professionals. Reverse mortgages, for instance, allow retired people to leverage the value of their homes and use it toward medical emergencies, which often lead to long-term care [source: U.S. Administration on Aging]. Boomers are expected to create more opportunities to transfer the value of existing assets to long-term health care services.

It's possible for baby boomers to self-finance long-term care if they save up enough money on their own, especially if they continue working past the normal age of retirement. Another option is to set up a charitable remainder trusts and use existing assets for long-term care investments, but that usually requires a lot of money to start [source: Medicare.gov].

Regardless of current opportunities, it's likely baby boomers will continue to influence American society with their can-do attitude and creativity.

For more information about baby boomers and long-term health care, visit the links below.

Related Articles


  • Blahous, Charles & Robert Reischauer. "A Summary of the 2011 Annual Reports." SocialSecurity.gov. May 5, 2011. (May 21, 2011). http://www.socialsecurity.gov/OACT/TRSUM/index.html
  • Block, Sandra. "Long-Term Care Insurance Worries Baby Boomers." USA Today. Nov. 22, 2010. (May 21, 2011). http://www.usatoday.com/money/perfi/insurance/2010-11-22-longtermcare22_CV_N.htm
  • Carbo, Diane. "Top 10 Reasons Baby Boomers Want to Stay in Their Home as They Age." CareCrunch.com. June 10, 2009. (May 21, 2011). http://www.carecrunch.com/2009/06/10/top-10-reasons-baby-boomers-want-to-stay-in-their-home-as-they-age/
  • Gleckman, Howard. "The CLASS Act: A Flawed but Powerful Game-Changer for Long-Term Care." Kaiser Health News. Nov. 30, 2009. (May 21, 2011). http://www.kaiserhealthnews.org/Columns/2009/November/113009Gleckman.aspx
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  • Medicare.gov. "Paying for Long-Term Care: Private Insurance." Aug. 5, 2009. (May 21, 2011). http://www.medicare.gov/longtermcare/static/LTCInsurance.asp?dest=NAV|Paying|PrivateInsurance
  • Merrill Lynch. "The 2006 Merrill Lynch New Retirement Study." 2006. (May 21, 2011). http://www.ml.com/media/66482.pdf
  • Morrissey, Janet. "Preparing for Long-term Care: Any Good Options?" Time. Feb. 8, 2011. (May 21, 2011). http://www.time.com/time/nation/article/0,8599,2044464,00.html
  • The National Long-Term Care Ombudsmen Resource Center. "About Ombudsmen." (May 21, 2011). http://www.ltcombudsman.org/about-ombudsmen
  • New York Life. "New Long Term Care Study Finds Baby Boomers Highly Value This Insurance But Many Have Not Purchased the Protection for Themselves -- Yet." Dec. 1, 2010. (May 21, 2011). http://www.newyorklife.com/nyl/v/index.jsp?vgnextoid=d2216305511ac210VgnVCM100000ac841cacRCRD
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  • U.S. Administration on Aging. "Cost of Long-Term Care." Oct. 22, 2008. (May 21, 2011). http://www.longtermcare.gov/LTC/Main_Site/Understanding_Long_Term_Care/Costs_Paying/index.aspx
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  • U.S. Administration on Aging. "Paying for Long-term Health Care." May 12, 2010. (May 21, 2011). http://www.longtermcare.gov/LTC/Main_Site/Paying_LTC/Costs_Of_Care/Costs_Of_Care.aspx
  • U.S. Administration on Aging. "Understanding Long-Term Care." Oct. 22, 2008. (May 21, 2011). http://www.longtermcare.gov/LTC/Main_Site/Understanding_Long_Term_Care/Basics/Basics.aspx
  • U.S. Congressional Budget Office. "The U.S. Retirement System and the Baby-Boom Generation." November 2003. (May 21, 2011). http://www.cbo.gov/doc.cfm?index=4863&type=0&sequence=2
  • U.S. Government Accountability Office. "Baby Boom Generation" July 2006. (May 21, 2011). http://www.medicare.gov/LongTermCare/Static/CharitableTrusts.asp?dest=NAV|Paying|OtherFinancingOptions|CharitableTrusts#TabTop
  • Valeo, Tom. "Growing Old, Baby-Boomer Style." WebMD.com. Nov. 11, 2009. (May 21, 2011). http://www.webmd.com/healthy-aging/features/growing-old-baby-boomer-style
  • The White House. "Title VIII. Community Living Assistance Services and Supports Act (CLASS Act)." WhiteHouse.gov. (May 21, 2011). http://www.whitehouse.gov/health-care-meeting/proposal/titleviii


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