Referred to as a “coming storm of broke elderly,” the study was able to identify that the rate of citizens over the age of 65 who are now filing for bankruptcy increased about 204% from 1991 to 2016. The study also pointed out that the number of older citizens among the total number of all individuals who filed for bankruptcy increased five times within the same 25-year period.
Data pulled from the Consumer Bankruptcy Project, and so far, they have been able to discover that this increased trend of bankrupt seniors is caused in part by the extremely high health care costs, in addition to the lower incomes they receive and the nationwide decline in pensions.
What to do?
- If you are young enough, healthy enough and can afford it now, consider Long Term Care Insurance.
- Look into the growing number of insurance and annuity products that include a Long Term Care rider.
- Speak to an Elder Law Attorney about preparing for the 3 or 5 year “Look Back” period on Government plans like the VA Aid and Attendance, Special Assistance or Medicaid for Long Term Care.
Please contact us for a FREE, no obligation consultation to see how you can prepare for the possibility of needing some level of long term care. (Assisted Living, Memory, Skilled Care).
(Someone turning age 65 today has almost a 70% chance of needing some type of long–term care services. LongTermCare.gov )