Protect Yourself Against the Silver Tsunami of Increasing Health Care Costs
The term silver tsunami was coined to describe the coming age wave represented by baby boomers (those born from 1946 to 1964) entering retirement. It was used to describe the huge number of people retiring in the coming decades and as a metaphor to show how retiring boomers would have a profound and disruptive effect in several areas of society including:
- The U.S. health care system
- The housing market
- The workforce
- Senior housing
The Reality of the Silver Tsunami
Of course, not all of the four effects listed above have or will impact everyone equally. However, if you’re a baby boomer living off your retirement savings, the demand for senior health care (and the constantly rising cost of it) could have the biggest impact on your future.
The U.S. Department of Health and Human Services reports that 70% of seniors over 65 will need some type of long-term care for an average of three years. According to the 2023 Genworth Cost of Care Survey, assisted living in our area has an average monthly cost of $5,200 and a private room in a skilled nursing community averages $7,604/month.
Older people also tend to spend more on prescription drugs and other health care. In fact, a Peterson-KFF analysis of U.S. government data found that in 2019, older adults 65 and over accounted for 35% of health care spending while representing just 17% of the population. With numbers like these, it easy to see why the Fidelity Retiree Health Care Cost Estimate predicts a single person age 65 in 2023 may need approximately $157,500 saved (after tax) to cover their retirement health care expenses and an average retired couple could need approximately $315,000.
How Life Plan Communities with Life Care Can Help You Ride the Wave
With rising health care costs, many older adults are looking at senior living communities as a way to prepare for the future. However, with so many options out there, which one is right for you? Choosing a Life Plan Community with Life Care — like The Village at Gleannloch Farms — now can help you save big on future health care costs. Plus, we offer an engaging, wellness focused maintenance-free lifestyle to ensure you’re able to enjoy life your way and on your terms.
Should the unthinkable happen and you need senior care, we offer a full continuum of on-site care including assisted living, memory care, skilled nursing and rehabilitation. If you choose our Life Care contract option, your monthly fee will remain about the same for any care you need providing increased peace of mind and greater financial predictability.
A More Enjoyable Today, Starts with a Plan for Tomorrow
Life can be unpredictable. Making a flexible plan now that accounts for a range of possibilities can help you worry less about the future. To learn more about how a move to The Village can help protect you against rising health care costs while also providing you with an even more enjoyable lifestyle, contact us here or by using our Community Assistant chat feature. We’d love to show you around our beautiful community and introduce you to some of our friendly residents.