Why the fuss over long-term care?

Did you know that we have more people in the United States who are over age 65 than the entire number of people in Canada? Yes, we are an aging people. People age 85 and older belong to the fastest growing segment of our population.

In fact, our senior population is growing at an unprecedented rate – by the year 2020 we will have more than 53 million people over age 65, compared to 33 million today. And the 76 million Baby Boomers, born between 1946 and 1964, approaching retirement age will have a huge impact on the way our nation pays for health services.

It is no wonder that healthcare entitlement and welfare programs continue to be political battlegrounds for elections to be won or lost. Perhaps the question of the next decade will be, “How do we take care of an increasingly older population with a shrinking number of people in the workforce funding entitlement programs?”

The answer to this question will not satisfy those looking for more state or federal dollars to pay for long- term care. Nursing home expenditures have increased 63 percent since 1990, while home health care expenditures have increased an incredible 146 percent. Even more alarming are the number of people projected to bear the burden of payroll taxes (which fund Medicare) in the future. When Social Security started in the 1930s, there were 40 workers for every single retiree receiving benefits. In 2020, it is projected that there will be only 1.8 workers for every retiree.

These numbers should be a strong warning to the public that funds for long- term health care needs will not be provided by taxpayer dollars.

Fortunately, long-term care insurance is a solution for protecting assets, for preserving financial independence, and your peace of mind. RMFU has an association program for its members which offers a discounted premium. If you have not yet considered coverage, please give us a call for more information or a personal consultation. Or, to learn more, please call us at 1-800-374-2808 for a free, no-obligation videotape called, “Long-Term Care: Protecting Your Health and Your Wealth.”

Eisenach & Associates is the exclusive agency for the RMFU Long-Term Care Insurance member benefit.