Every day, from 2011 until 2030, 10,000 baby boomers will turn 65. 70% of them will need some form of long-term care during their lifetime. For those 70% requiring long-term care, the average total cost is estimated at $266,000. About 25% of households have no retirement savings at all, and the median savings for those who do is less than $75,000. Thoughtful estate planning is now required simply to prevent insolvency for the individual and their families.
Long-Term Care is generally not considered acute medical care, but rather
assistance with the basic personal tasks of everyday life. There are six basic Activities of Daily Life (ADLs) which include bathing, dressing, eating, toileting, transferring, and continence. ADLs are used primarily for determining need with respect to government programs or triggering insurance coverage. However, there are many more everyday tasks where individuals require assistance. Assistance is often provided by family members, in-home support services or institutional facilities (i.e. adult day care, assisted living, skilled nursing homes, etc).