![]() Long-term care and Medicaid planning, including using trusts to protect assets from being spent down for care, can prevent your clients from having a financial and medical crisis.Worship. By starting early, a thorough evaluation of income and assets can provide resources and options over time. Clearly, efforts must be made to improve the affordability of long-term care for seniors, particularly for those of lower middle incomes.Įstate planning and elder law services are necessary to prepare for long-term care costs in the future. Without government assistance like Medicaid, this creates a significant problem. Health limitations will make it hard to live independently. Over age 75, 54% will have three or more chronic health conditions, 56% will have mobility limitations, and 31% will have cognitive impairmentsĪverage financial resources of less than $65,000 in income and annuitized assets will not cover health, personal care, and housing servicesĮven after selling their homes, seniors in 2033 will struggle to pay for assisted living or require additional help from family members. Roughly 9.5 million will be unmarried, widowed, or divorcedįour in 10 will not have family members living nearby to offer care or support With 16 million middle-income seniors in 2033 and 11 million over the age of 75, the size of this demographic will double to include the following statistics: Also, many seniors may want to keep their homes as a resource to protect against outliving their assets or having a catastrophic medical event. While housing equity is considered, the reality is that some individuals may be reluctant to sell their homes or have a spouse who continues to live there. The study did not assume adult children could provide support. Then grew them based on the historical changes in each category, annuitized across each senior participant’s life expectancy and their spouses.ĭata for financial resources included fixed income streams, such as Social Security, and annuitized assets like retirement savings or mutual funds. They evaluated financial resources in 2018, starting from actual income and assets. The researchers examined gender, race, and education and estimated people’s health, cognitive function, and mobility status using the data for these conditions in 2018. It is the first study of its kind focused on a growing health care crisis. At the same time, they may not have adequate resources to pay for the rising costs of housing and care options they need.Ī NORC study done in 2019 and updated in 2022 shows that nearly three-quarters of middle-income seniors in the US will be unable to afford assisted living programs by 2033 without selling their homes. In general, middle-income seniors have income and assets that make them less likely to qualify for Medicaid. Three-Quarters of Middle-Class Seniors Priced Out of Assisted Living by 2033 IEEE-USA's award-winning e-books and audiobooks cover a range of career and policy topics, and are FREE to all IEEE members.įor more information on the many products, services and offerings at IEEE-USA, along with the benefits of IEEE membership please visit: In these bi-weekly webinars, IEEE-USA Government Relations Senior Legislative Representative Aline McNaull discusses what Congress is doing for, and to the profession. ![]() Washington Updates - Every other Thursday at 1:00 PM ET ![]() When: Thursday, 20 October 2022 - 1 PM ETĬheck out out upcoming and archived webinars here: New Rules Defining "Consultants" Could Affect Technology Contractors Nationwide When: Wednesday, 19 October 2022 - 2 PM ET ![]() Ultimate Upgrade Essentials: Building a Culture of MentorshipĮlevate Your Impact: Leadership Wellbeing IEEE-USA's webinars are designed to help you find your next job, elevate your career, negotiate your salary, understand workplace ethics, develop soft skills and more. Here is the link.Įxplore IEEE-USA's Free Resources and Offerings Today! The medical bills are skyrocketing and she and her family really need help.Īs a fellow notary, would you please consider taking the next check you get from one of your signings and donate it to Caroline? It would be a tremendous help to her and her family. She has had many treatments, had a double mastectomy and countless IV treatments. I am asking you to please consider donating to my friends GoFundMe page.Ĭaroline is fighting for her life with stage 4 cancer. Many of my contacts on LinkedIn are fellow notaries. I taught her the ropes of how to be successful Notary Public. She has been my insurance contact, worship team leader and most of all a true friend. She is kind, compassionate, unselfish and has totally dedicated her life to serving others. All I know is that Caroline has a heart of gold. We have known each other since 2005 or earlier. It is not very often that you meet or have the privilege of having one of the sweetest friends on the planet. ![]()
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