BeamaLife Blog

I’ve lived in New Jersey for many years now, and I think I’ve heard every New Jersey joke that’s ever been written.  Most of them are funny, and most of them are at least a little true.  But here’s something about New Jersey that isn’t funny at all. 

The number of residents age 85 and older is projected to grow by over 70 percent between now and 2030.  Currently, 13% of our population is 65+, and 175,000 of our residents are over 85.  And the numbers would be higher if we didn’t have a law that requires every third senior citizen to move to Florida! 

Okay, so I made that part up, but seriously, that group of senior 85+ is the group most likely to need long term care services.   And according to AARP, New Jersey is ranked 25^th in projected growth of 85+ population.  That means that 24 states out there are expected to see increases even higher than New Jersey does. 

Right now New Jersey is spending 80 percent of its Medicaid funds on institutional care, with 935,000 citizens relying on Medicaid, and 16% of them being 65 years old or older.  New Jersey is one of the states that permit Medicaid recipients to choose between nursing home care and in-home care, which is great because in-home care on average costs one third of what it costs to care for someone in a nursing home.

But in addition to those being care for by our state, 980,000 New Jerseyans are providing family care to a loved one at home, with the value of that care, according to AARP, is more than $11 billion.   I’m telling you this because what’s happening here is happening in your state too – and chances are your state is not providing the care options that New Jersey is.

Does it surprise you that there are only about 7 million long term care policies in effect at this time?  With Americans living longer, and with the costs of health care rising to rapidly, you’d think that everyone would be looking for ways to make sure that they can get the care they need in the way that they choose and at a price that won’t create a hardship for the rest of the family.

When we started this company, my focus was really on life insurance.  But the connection between life insurance and long term care insurance in a sound financial plan is undeniable.  Having enough of one can truly reduce your need for the other, and as we age, the importance of each changes as well.

If you have long term care insurance, I applaud you!  You’re among a select group that’s taken a very important step in planning for your later years.  If you don’t, take the first step and find out how your current financial plan will help you or hurt you in the event that you need long term care.  Call BeamaLife at (866) 972-3262 today to talk with one of our long term care insurance specialist!