Baby Boomer Healthcare: Plan for it Now!
As an aging baby boomer myself I accept it is a fact of life that as we grow older, we are more inclined to have health issues and the concept of baby boomer healthcare is a big part of our future needs.
We need to concern ourselves early in our lives with our inevitable baby boomer health needs later in life. I have written this article to stress the importance of addressing this important issue for aging baby boomers.
The website ScienceDaily says it well in their article from April 25th, 2008 “America’s aging citizens are facing a health care workforce too small and unprepared to meet their needs”. In addition to that we all know the costs associated with healthcare have soared, will continue to rise, and will put a financial strain on the system. Because of this, we need to not only prepare financially, but also be aware there may be a shortage of qualified professionals. We need to do the best we can to prepare ahead of time.
Let’s first define baby boomers:
The baby boomer generation are those people that were born right after World War II, in 1946 to just before the beginning of Vietnam, basically in 1964. During these years there was a significant increase in the birth rate so as you can imagine, those people make up a significant portion of the population. As a matter of interest the boomers aging demographic is one of the largest segments of society, making up a full 28% of the United States population. You can learn more about these statistics by reading my articles “Baby Boomers Statistics: Who Are They?” and “Baby Boomer Statistics: Birth and Retirement”.
It should be no secret then that with this group entering retirement age within the same time frame, baby boomer health could potentially put a strong draw on the financial resources of the U.S. And truth be told, the Baby Boomer Generation is just beginning to enter their retirement years.
Whether it be common ailments like arthritis, heart related issues, cancer or a plethora of other types of disease processes, most of us at one point or another will be impacted by one more than one of them as we age and the concept of Baby Boomer Healthcare will become very important to us very quickly. Aging baby boomers must be aware that health care costs will rise and in addition to that, there will be more and more boomers aging and living longer at least until 2050, at which time baby boomer demographics will drop off. These are hard statistics baby boomers must face.
So how should the Baby Boomer population respond to these inevitabilities? The answer is fairly straight forward but the details are not. It is not the purpose of this article to go into the details of baby boomers and health, but rather to stress the importance of planning for coverage in your post working years. The best advice I can give for planning for this future is as follows:
- Budget and live below your means
- Save money or establish a residual income source to be used into your later years. Baby Boomer jobs will become less available as our work force ages
- Study the different types of healthcare available to Seniors, understand the costs, and plan to pay for that after you retire.
- Stay as fit as possible so as you enter into your older years you will be less likely to have health problems
I don’t think there is any magic bullet here. What we do know is in 2009 retired people comprise about 12.5% of the population and by 2030 that will increase to 19%. Plan now and stick with it.
I hope you found value in this article in understanding the importance of planning for baby boomer healthcare for yourself or for your loved ones.