The Baby Boomer Buildout
Today’s “Baby Boomer” population is largely the result of the end of World War II and the prosperity which followed. As the United States grew to become the world’s largest economy, the Boomer generation was a driving force. We built hospitals to birth them, schools to educate them and suburbs to house them.....Clearly, this demographic group has had a profound impact on nearly every aspect of our country.
Fast forward to 2016 and, just in case you’re not paying attention, there’s a new building boom underway around the nation to address one simple reality…..The Boomers are getting older!!
Within 10 miles of my home, there are no less than five facilities under construction or close to moving forward. The list of new facilities in my area include the following:
Given the locations, it’s also safe to assume these facilities will be high-end and house residents with high expectation. In other words, “Private Pay” will likely be the business model of choice.
What does this mean for you?? It means that regardless of your advisory role, it’s time to take a realistic view of the aging of your clients.
- Your Boomer clients are very concerned about Healthcare In Retirement
- Dealing with their own parents, they’re beginning to understand that Medicare offers very limited coverage for Long-Term Care.
- Roughly 70% of them will require Long-Term Care in some form during retirement.
- 20% of that group will require care for more than five years.
- There’s no “Public Option” to address the Boomer’s Long-Term Care needs.
Those of you willing to take an honest look down the tracks will see one of two things: A trainwreck or an opportunity. You don’t need to be an expert on the topic of Healthcare In Retirement or Long-Term Care planning, however, in one form or another; you should have those resources available to address your clients’ needs and concerns.
In any event, perhaps it’s time for you and your clients to consider the ramifications of The Baby Boomer Buildout!!