When is a Senior in Crisis?

What’s your biggest fear as you age? • Health Decline
• Financial Security
• Health Care affordability
• Losing your home to medical bills
• Watching the mental and physical decline of your spouse
• Perhaps all of the above

Let me illustrate a real story that is still unfolding:

A husband and wife, both in their 80’s, have 8 children, and are all currently living a medical, financial and emotional nightmare. Events as follows: • The wife has been diagnosed with Parkinson’s disease, has moderate dementia and continues to fall frequently due to her Parkinson’s disease. • The wife has a fall, ends up in the hospital and then sent to acute rehab, followed up by her husband’s much awaited moment when she returns home. • Once she returns home, her husband regrettably and sadly realizes that he can no longer take care of her. • The family makes arrangements for her to enter into a nursing home at which point the husband is told that due to his wife’s frequent falls, she must have an aide in addition to her nursing home care. The Nursing home does not want the liability! P.S… This now costs them 15-20K per month for her medical care.

I SEE A “SENIOR IN CRISIS” WRITTEN ALL OVER THIS!!!

So, as you can imagine, the husband is devastated emotionally and is terrified of losing all his life’s savings. Their Elder Law atto
ey has been working with this family to help them navigate through this grueling process. The atto
ey’s client wants to know why the system is so broken. He has worked all these years to build a comfortable nest egg for himself and his family. So now what?

In 4 years, he could be TOTALLY wiped out except what the government allows him to keep for himself; this cannot exceed 110k in total assets.

His eight children are there as a support system to help them navigate their way through this challenge. However, the frustration sets in for the children as the parents have difficulty grasping concepts of what needs to be done.

On a personal note, my heart is just breaking for this family. As a baby boomer, I know it scares the daylights out of me to think that this is possible for any one of us. What does our future hold for us?

So let’s just review a few stats:
• There are 40 million seniors (65+) in this country
• Of the 78 million baby boomers, 10,000 are turning 65 every day and will for the next 19 years

I can’t imagine what the future holds for us as the health system continues to break down. How will the nursing homes accommodate all 78 million of us? Or better yet, add the current 40 million that are currently 65 and older.

With the economy in its present state, will be able to afford the necessary care when we reach our elder years? How many of us will end up as a “senior in crisis?”

So my question is the same as the husband in this story, “What now?