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Here's a Reason Baby Boomers Will Curb U.S. Growth this Decade – Bloomberg

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Population aging is expected to drag on U.S. growth, and the hit could be substantial. 

The retirement of baby-boomers in the decade between 2010 and 2020 will lower GDP growth per capita by 1.2 percentage point a year from what would have been the case if the nation’s demographics had held steady, according to a National Bureau of Economic Research study out this week. The bright side is that the dent is only half as deep between 2020 and 2030 as the pace of aging slows.

The study is based on a simple idea: population aging is already long underway and has been playing out with varying degrees of intensity across different regions of the country. By looking at variations in state population aging, authors Nicole Maestas at Harvard Medical School, and Kathleen Mullen and David Powell at policy research group RAND Corporation, are able to estimate how a graying workforce affects output, participation rates and productivity. 

What’s surprising is the composition of the slowdown. Just one-third is driven by slowing workforce expansion and the rest by a drop in productivity gains. The productivity slump isn’t reserved to older workers: it takes place across age groups, the researchers find.

The authors suggest a few theories about why that’s the case. It could simply be that younger and older workers complement one another. Or the most productive older workers might be leaving the workforce,  while less-productive old timers stay on the job. 

“How much of it is that relatively productive workers are the ones who are choosing to retire? It’s very hard to say,” Maestas said in an interview.

Regardless of what’s behind it, the discovery that the aging workforce could be weighing on productivity comes in contrast to other guesses and is important.

As Federal Reserve officials meet in Washington this week, tepid growth in ouput-per-hour is likely to be one of the economic questions they’re pondering. It’s not clear why productivity growth has dropped off, and the change has real-world implications: it’s one factor that caused Fed officials to lower their projections for where interest rates will settle in the longer-run, based on meeting minutes from their June meeting. 

Another notable feature of the new findings: they’re really pessimistic. If growth over the next 20 years otherwise held near its average for the 1960-2010 period — about 1.9 percent — adjusting for the demographic shift would lower per-capita GDP gains to 0.7 percent this decade and 1.3 percent next, based on the estimates. 

Other research on the topic has suggested that population aging will have a smaller drag on output growth — for instance, a 2012 National Research Council report found that aging could knock 0.3 to 0.6 percentage point off of growth over the next two decades as the workforce structure changes, which it characterized as a “modest” macroeconomic consequence. The difference arises because the council didn’t factor in productivity as a major way aging could drag on growth, Maestas said. 

“The real challenge next is to take a closer look at productivity and whether there are ways to redesign the way we work, and take a look at policy that can inadvertently encourage retirement by productive workers,” she said.

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Baby Boomer Home Business Needs

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Job Hopping baby boomer’s are on the rise. This particular generation were raised to believe that success was based in being successful at work. Doing his best for the employer, getting the job done no matter what the cost and working his way to the top was how a Baby Boomer typically defined a successful career. Today the opportunity and technology is here for this spectacular and brilliant group of individuals to start a home business, but what is it you need to succeed?

Baby boomers are slowly coming to understand the state of the economy on main street and the growth of the economy online. This generation is beginning to understand that work is no longer taken outside the home, today the technology exists to work and have a home based business

As baby boomers reach retirement age, they are redefining what constitutes a luxury item and what defines a basic need, but being able to afford those basic needs is just one more reason Baby Boomer business’s online are on the rise.

Traditionally, basic needs extended to three categories: food, clothing and shelter. But today, that’s changed in the baby boomers mind. There thirst and need for much more and a better way of life have led them to wanting to earn more and share more with the time they have left on this earth. So what does this generation need to succeed with an online business at home? Simply put, training, mentoring and what every person in this group has always had, the willingness to do the work involved! finding success is all in the online marketing training you receive and it’s implementation.

Internet marketing skills can bring success and profit for the Baby Boomer given the learning curve is accomplished through solid training and effort. For those of us who have found success this has come through understanding that solid online marketing training, 1-on-1 coaching and the willingness to do the work is understood no matter what your age is. It is best to complete your due diligence before joining any online or home business opportunity and understand that a solid work ethic is needed, as well as the knowing what is needed to get you going in the right direction.

Baby Boomers' Acceptance of Retirement Is Different Between Genders

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Many factors are involved when making the decision to retire. Financial readiness, health, emotional readiness, and age are but a few of the considerations that enter into the assessment. Once the decision is made, the readiness of one to accept retired life is highly correlated to one's social system. There is a pronounced difference by gender on how baby boomers react to being retired and it is influenced by whether the retiree is single or married.

Retirement for Baby Boomers is not the same as their parents

Retirement has long been understood to represent the end of a person's working career. Common definitions of retirement are as follows:

1. Leaving of job or career – the act of leaving a job or career at or near the usual age for doing so, or the state of having left a job or career

2. Time after having stopped working – the time that follows the end of somebody's working life

3. Being away from busy life – a state of being withdrawn from the rest of the world or from a former busy life

These are generally accepted definitions used to distinguish when the retirement period begins. Many baby boomers target retirement to coincide with their age, generally around 62 to 66 years of age, which is also the age when they are eligible for Medicare and Social Security payments. Since the time that Social Security established the "normal" retirement age at 65, life expectancy for a 65-year-old has increased by over seven years and continues to lengthen.

As a result of living longer, baby boomers plan to be younger longer and to work longer, not necessarily in their career, but at a job or activity that they love.

Most baby boomers will stop working for pay and retire in the traditional sense at some point. Often, they start out with the intention of an early retirement only to find they have time on their hands and their interest is not shared by many of their friends. Additionally, they discover that retirement can mean isolation without a core group of acquaintances to share their interests. Baby boomers reject a life of either full-time leisure or full-time work and are looking to keep active in both body and mind.

Social behavior with the onset of retirement

To keep active in body and mind often requires a social network of friends at the time of retirement. Men and women socialize differently, in part because of their interests but primarily as of the expectations resulting from the social contact. The correlation between acceptance of retirement and one's ability to socialize is very high and also revolves similarly along gender lines.

As with online social group participants, socially adept retirees are much happier than their less social counterpart. Women, in particular, are able to switch into a retirement lifestyle very quickly, while men may struggle to accept the change in lifestyle. Being social is not the only factor that leads to happiness in retirement, but it plays a significant role for baby boomers.

Modern day retirement is built around being social with others, unlike retirement of the past. Regardless of one's marital status, current day retirees enjoy dining out, outdoor activities, traveling, and remaining active. Baby boomers, in general, are in better physical health than their predecessors, and they have the desire to remain in an active lifestyle during retirement. However, isolation in retirement occurs when the retiree lacks a core group of friends to participate in group activities. Generally, men lack this core group of friends and they are likely to feel more anxious about retirement. Anxiety is somewhat mitigated with married men, but day to day anxiety persists without a social structure to pursue personal interests.

Anxiety and even depression is not uncommon as baby boomers age and move into retirement. Hormonal changes, side effects of medication, and relocating to a new city all play a role in mood and emotional decline. Being without friends intensifies the symptoms, especially if one is no longer working. My experience is that there are hundreds of baby boomers nearby who are in the same predicament and would appreciate the opportunity to share in a good time. Generational online social groups are a very effective method in meeting others with similar likes and dislikes. Men, in particular, would benefit from participating in online social groups due to their tendency to become socially isolated during retirement. Overall, generational social groups can help one discover the benefits of retirement whether male or female, single or married.

Screen baby boomers to better protect Canadians from hep C, say Edmonton virologists – Edmonton Journal

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University of Alberta researcher Dr. Lorne Tyrrell.
Larry Wong / Edmonton Journal

Alberta should look at spending $134 million on a hepatitis C screening and treatment program for the province’s baby boomers, most of whom are unaware they carry a heightened risk of infection, two leading medical scientists say. 

Internationally recognized virologists Dr. Michael Houghton and Dr. Lorne Tyrrell, both based at the University of Alberta, said the costs of such an initiative may seem high, but will be far worse if thousands of undiagnosed diseases progress to the point of liver cancer or cirrhosis.

“It’s bad timing for Alberta of course with some of our issues with low oil prices,” said Tyrrell, whose work in the 1980s led to the first oral antiviral treatment for hepatitis B. “But it is an important question to address of how do we eliminate hepatitis C in Canada and how much are we going to screen to find the people potentially infected who have never been tested.”

As many as 250,000 Canadians are estimated to have hepatitis C, though many don’t know it because years or even decades can pass before symptoms of liver disease are noticed.

Baby boomers and others born between 1945 and 1975 are a particular concern, largely because of the widespread use of blood transfusions at the time that relied on unsafe blood.

Yet despite the risk, recent survey results indicate 25 per cent of Canadians in this age bracket have been tested and 80 per cent are unaware they even face a heightened threat.

Sherwood Park resident Cynthia Robson, 64, said her own experience illustrates why such numbers have to improve.

Robson said she was surprised when she went to her doctor for a routine physical in 2001 and came out with a hepatitis C diagnosis. The infection was traced to a blood transfusion she received many years earlier after giving birth to her son.

The Canadian blood supply wasn’t screened for hepatitis C until 1992, three years after a team led by Houghton first identified the virus.

“I had no symptoms other than a little bit of fatigue,” Robson said. “It was terrifying. I was mostly concerned that I may have spread it to my children.”

After several unsuccessful treatments, Robson finally found one that worked when she was given a 12-week course of Harvoni last year. Tyrrell managed to arrange coverage for the drug, allowing Robson to avoid a $150,000 cost she couldn’t afford.

Tyrrell said he and Houghton would ultimately like to see a federally co-ordinated effort around hepatitis C rather than have individual provinces continue to attack the problem in different ways. He said Canada could learn from the approaches of other jurisdictions such as the United States, Scotland and Australia, the last of which recently announced a $1-billion investment toward the cost of drugs.

In the meantime, Tyrrell said Alberta can make a good start by screening and treating its baby boomers for an estimated $134 million. A more robust program that includes other high-risk groups would cost about $253 million.

Currently, Blue Cross and drug insurers are covering drug costs only for patients with some sign of advanced liver disease, Tyrrell said. He said he and Houghton would like to see coverage extended to those at earlier stages to help prevent the virus from being spread.

Work led by Houghton at the U of A is closing in on the world’s first vaccine against all seven genotypes of the hepatitis C virus. Phase one clinical trials are scheduled to begin next year.

[email protected]

twitter.com/keithgerein

Healthcare marketers: Don't forget about the baby boomers – Medical Marketing and Media

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An 86-year-old grandmother in Liverpool recently performed a Google search that blew up the online universe. She entered: “Please translate these roman numerals mcmxcviii thank you.” Her post provided a timely reminder that while the aging population may speak a different language than the younger folks — and have different values and needs — its members are quite connected to the digital world.

Baby boomers, approximately born between 1946 and 1964, make up the majority of this aging group. They number more than 76 million in the U.S., and by 2029 they will account for a 73% increase in the population aged 65 and up. They now spend more money on technology than any other age group — and, what’s more, two-thirds of them are now active on social media. According to recent research by content marketing agency Fractl, boomers are 19% likelier to share Facebook content than any other generation. Consider the myth about digitally challenged boomers to be well and truly debunked.

See also: Leadership Exchange: Engaging the Millennial Doctor

It follows, therefore, that this is a ripe demographic for digital health services and devices. In fact, it’s now a matter of urgency: Boomers are less healthy and more costly, from a systemic perspective, than previous generations. According to the American Hospital Association, 37 million boomers will be managing multiple chronic conditions by 2030. One in four will have diabetes, almost half will suffer from arthritis, and more than a third will be classified as obese.

“The boomer group is a sick population,” says Zoe Dunn, principal, Hale Advisors. “They are heavily taxing our healthcare system.”

THE EMERGING CONSENSUS

Medicare spending topped $632 billion in 2015. The Congressional Budget Office projects an average annual increase of 1.4% per beneficiary between now and 2024. The most prevalent boomer ailments are interrelated, and lifestyle choices affect many of them.

The emerging consensus is that technology innovation offers the best hope of changing behaviors — that by approaching boomers with a variety of tech-related services and tools, healthcare and pharma can play a vital role in improving outcomes and reducing costs. The good news is that boomers, on the whole, willingly embrace digital healthcare. Decision Resources Group found in its 2015 ePharma Consumer study that 51% of U.S. adults, aged 55 and above, had researched Rx info online in the previous 12 months (versus 62% for all adults). Furthermore, 21% of the older demographic had done so using a mobile device.

See also: Why UCB isn’t afraid of social media

Maryann Kuzel, SVP, head of healthcare strategy at Rapp, notes that a defining boomer characteristic is their high physician-trust level — so much so that she characterizes them as survivors of the physician-centric era. “They are somewhat more traditional in their healthcare beliefs and behaviors,” she explains. “They check in with their doctor more than other sources to seek help with both illness and wellness.”

However, such interactions are becoming increasingly digital. A recent Harris Poll commissioned by Salesforce showed that boomers are communicating with their primary care physicians via portals to look at health data (29%), view test results (24%), fill or refill prescriptions (12%), and check insurance coverage (10%). What’s more, 57% of boomers said they would be open to virtual treatment options; 51% said they would choose a PCP who offers a patient app over one who does not; 37% said they would choose a PCP who offers virtual treatment over one who does not; and 29% said they would choose a PCP who uses data from patients’ wearable devices over one who does not.

Managed care, too, is an important part of the digital health ecosystem, and insurers would be wise to focus more on aging populations. Blue Cross and Blue Shield of Rhode Island recently reached out to its newly eligible Medicare population for the first time via digital and social channels — with spectacular results, according to DMN. Blue Cross and Blue Shield of Rhode Island saw a 38% increase in online Medicare revenue, as well as a 50% application conversion rate (up from 27%). Furthermore, it reports that 50% of its Medicare traffic now comes via mobile.

WEARABLES YES, APPS MAYBE

We now know that boomers are searching for health info online, consuming and sharing content, using smartphones, and looking forward to a future of tele­medicine. What about wearables and apps?

Dunn reports on her mother-in-law’s unwavering dedication to reaching her daily step total. In terms of the wider boomer picture, the Harris Salesforce study reports that 20% of boomers currently own a wearable health-tracking device (13% fitness-related, 3% consumer-related, and 4% clinical-related). Of those owners, 74% say they would want their doctor to have access to data from their devices. Perhaps surprisingly, they are more likely to wear their devices daily (66%) than any other generation (55% for all users, and just 43% for millennials).

See also: Non-profit behind Free Killer Tan wants parents to practice sun safety

Also likely to be of interest to healthcare stakeholders: Forty-five percent of boomers said they would wear a tracking device given to them by their HCP in exchange for access to data, while 47% said they would wear one given to them by their insurance company in exchange for potentially better rates based on health data.

Boomers fare less well on app adoption: Nineteen percent said they use one app to track health, nutrition, or fitness data, while just 9% report using two or more apps. Of the latter group, 93% would like their apps to integrate and share data.

The well-documented burdens of the app world also apply to the boomer market. The majority of downloaded apps are rarely or never used — there are around 165,000 health and fitness apps. Another roadblock includes the lack of integration or inter­operability between chronic disease apps, particularly for users managing coexisting conditions. There may also be a disconnect between young app developers and older boomer users, especially around special requirements regarding hearing, eyesight, and dexterity.

“GET OLD” WITH PFIZER

In short, med-tech companies need to work more closely with boomers to develop innovative products of true value to both users and the healthcare system. One pharma company on such a path is Pfizer. Back in 2012 Pfizer launched its Get Old program to “challenge misperceptions of aging” and “drive conversations that inspire people of all ages to take action on their own health and explore new opportunities.” Get Old now boasts a 400,000-strong community via Facebook, Twitter, Instagram, and its website.

“We’ve got a very active Facebook community and we recently launched on Instagram,” notes Sally Jacob, senior director, communications, Pfizer. “We’ve found that people love sharing motivational stories and images that turn conventional ideas about aging upside down.”

See also: Pfizer’s “Get Old” campaign gets youthful

Pfizer recently launched a unique partnership with crowd-funding platform Indiegogo. Project Get Old challenged its own community members (along with Indiegogo’s army of entrepreneurs) to come up with “the next big idea in healthy aging.”

The best idea will receive $50,000 in funding and an opportunity to meet with a team of Pfizer experts to help make that idea a reality. “It’s a creative way to extend our mission from concept and conversation into something that could become a concrete program or product,” Jacob says.

At this point Pfizer is probably the exception rather than the rule. Matthew Arnold, principal analyst, DRG, believes pharma should place a greater digital focus on boomers. “If you’re marketing a prescription drug to an older audience and you’re not really investing in digital, you’re missing an opportunity to engage half of your target demographic,” he says.

The Baby Boomer Nightmare

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For years you have set the pace for others to follow. You have worked hard, wisely selecting your career, business or place of employment that would meet you and your family needs during your working years and hopefully for your retirement years as well. You have witnessed a dramatic change in how to do business in today’s world. You have seen what you thought were sound retirement programs being replaced with 401K involvement plans, investment to secure your future rather than be loyal to secure your future. You have seen the job market change from long term secure jobs to job jumping every few years to better your life but without security. You have seen health benefits change, the exercise boom as a way of life, dieting and weight control also as a way of life. Smoking which was the “in” fad of youth is now penalized with high cost, negative advertising and shocking medical statistics. We have moved in our society from commercials with our generation, as the main focus stars to those involving the activities of the younger generation and Baby Boomers are the stars of medication, medical equipment, and laxative and vision ads.

As Baby Boomers, you have gone from worrying about Mom and Dad living alone at home and being safe, to having your children beginning to worry about weather and for how long you will be safe living alone in your own home. Pills, ills and doctor bills are becoming a greater and greater part of your life. Retirement communities are geared up and focusing on your business in the very near future. Much of the news on radio and television is concerned with “Are we ready for the Baby Boomers to reach retirement age?”

The time has come for you to look realistically and not through rose tinted glasses at the end of life issues that must be addressed by everyone at one time or another. Now is not the time to panic, now is the time to wisely execute the plans that you have established. Now is the time to see what really will benefit you and give you the greatest bang for your buck in your retirement years, “The Golden Years” as they are referred to.

I want you to look at a less known avenue other than Nursing Homes and Assisted Living that will meet your needs and stretch your funds. It is presently a little known industry called Adult Family Homes. Presently I live in Washington State where Adult Family Homes are diamonds in the rough. Neatly tucked away places within the community that are licensed by the State of Washington to care for currently up to six people at a time. Staffing level at worst is 6:1 in this close nit community living designed to care for the aging needs of the Baby Boomers. Adult Family Homes are usually only a fraction of the cost of “facility” type living with three square meals and most owners are credentialed as Certified Nursing Assistants, Registered Nursing Assistants, Licensed Practical Nurses or Registered Nurses, qualified.

If you are one of those people who thought Nursing Homes and Assisted Living facilities were all there were for your future, “Welcome to the world of Adult Family Home living!”

Adult Family Homes are private residential homes, which care for one to six people ages 18 or older. These privately owned homes provide room, board, laundry, necessary supervision with medications, and assistance with activities of daily living, personal care, and social services. They can also provide some additional nursing oversight and services. All Adult Family Homes are licensed, regulated and inspected by the Washington State Department of Social and Health Services Disabilities and Long Term Care Administration.

Adult Family Homes are available to people with a variety of functional limitations found in the older population and some people may be with other disabilities (e.g. developmental disabilities, mental illness, physical disabilities). Adult Family Homes usually have a mix of male and female residents. Couples can usually be arranged for as well.

Adult Family Homes provide a written plan of services required that states the needs of the individual and what assistance will be provided. The individual, family and Adult Family Home provider jointly prepare the plan, preferably prior to the individual’s move into the home. The goal is to allow care as needed for each individual, yet freedom to do things they are still able to do without assistance, or with some supervision.

Adult Family Home Providers

Adult Family Home provider must be individuals (at least 21 years old), for-profit companies/corporations, nonprofit organizations, or other partnerships or associations. Providers must meet all state qualifications and requirements for an initial license, and yearly renewals. These requirements include:

· 22 hours of pre-service training and 10 hours per year to renew their license

· Criminal background check of all employees

· Home inspection (to meet specific health and safety standards as defined by law) and re-inspections approximately every 12 months

· Homes found to violate rules must make corrections to retain their license. These are similar to actions taken by large facilities like nursing homes and assisted living.

· Specialty training is required when a provider desires to serve people with developmental disabilities, dementia or other special conditions (defined by law).

Adult Family Home operators may provide care themselves, or hire and supervise caregivers who will provide care. Caregivers must meet the same personal and criminal background check requirements as the owners/providers, and many of the same training requirements.

Don Sutton

Why baby boomers need a hepatitis C screening – EurekAlert (press release)

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Baby boomers, adults born between 1945 and 1965, are five times more likely to have been exposed to the hepatitis C virus (HCV).

As a result, the Centers for Disease Control and Prevention and the U.S. Preventive Service Task Force recommend that all patients in that age group get tested.

But the simple blood test, designed to detect and prevent illness before the virus wreaks havoc, is infrequently performed on baby boomers whose routine medical appointments are often crammed with other preventive measures and tests — as well as time spent addressing active problems that require a doctor’s immediate attention.

Investigators at the University of Michigan Health System recently found an easy way to help primary care physicians ensure that an HCV screening is part of the routine: Electronic medical record alerts.

The automated alert, programmed to appear if a patient was within the at-risk age group, reminds doctors not only to issue the test but also provide educational materials about the virus.

Implemented in fall 2015 in primary care clinics throughout the U-M health system, the strategy contributed to a significant rise in screenings — an eightfold boost — in the first six months alone.

“A large part of the success was figuring out how to take the logistical work away, which involves more than looking at a patient’s date of birth,” says Monica Konerman, M.D., M.Sc., a hepatologist at the University of Michigan who treats patients facing the prospect of hepatitis damaging their liver.

A population in need

It isn’t entire clear why hepatitis C rates are higher in baby boomers — although many, according to the CDC, are believed to have become infected during the 1970s and 80s when rates were highest (and before screenings of donated blood and organs became available in 1992).

Hepatitis C, likewise, can be asymptomatic for decades. Many patients could have been exposed to risk factors years ago but never sought testing or treatment.

A universal one-time HCV screening based on age, then, can bypass the discomfort of having to talk about potentially embarrassing topics such as prior drug use or sharing needles.

It also helps democratize preventive care. Prior to launching the alert, HCV screening was higher in men, Asian and African Americans, and in patients with Medicaid insurance. Screening rates also varied greatly by clinic site (ranging from 20 to 32 percent).

After the alert was adopted, however, screenings increased equally among genders, races, insurance plans and UMHS clinic sites.

Why screening matters

The screening test for hepatitis C is the virus antibody. If the hepatitis C antibody is detected, a confirmation test for the virus’ RNA (genetic material) is recommended to confirm chronic infection.

Of the 16,773 baby boomers targeted for screening via electronic alert at UMHS, fewer than 1 percent tested positive for the hepatitis C antibody.

Despite that low rate, the alert system nonetheless helped identify people who would benefit from curative hepatitis C treatment, says Konerman, who presented the findings in May at the Digestive Disease Week conference in San Diego.

After all, a new era in hepatitis treatment began in 2013 with the approval of interferon-free oral combination therapy that was demonstrated in clinical trials studies led by the U-M to cure hepatitis C in 95 percent of patients. If treated and the body responds, patients can get rid of the virus before liver damage and liver failure occur.

Which is why the new alert technology is crucial for a population that could benefit most from HCV screening.

“The availability of direct-acting antiviral agents has been a game-changer,” says Konerman. “Previously, many providers thought screening had low utility: (that) the treatment was terrible and didn’t work well. Today, short courses of all oral treatments are highly effective and can prevent progressive liver disease.”

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Disclaimer: AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert system.

Baby Boomers Retiring – What Is The Best Housing Arrangement?

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It is time in the world to see large numbers of baby boomers retiring and looking around for what to do next. In a generation of people whose lives were shaped by thoughts, like change and revolution and freedom, this is a really big deal in the retirement housing landscape.

It is not enough anymore to try and send the boomer retirees off to a nursing home where they will spend a not so exciting life waiting for the medication cart to come by. That idea died a well-deserved death. It should not have been OK for retirees of previous generations and it sure isn’t what the current crop of retiring folks are looking for.

There are a number of choices these days, for people who want to retire without setting aside their personal choice in the matter. Assisted living facilities have become very popular with some seniors today as a housing choice.

This is the kind of living facility where seniors who need some extra help in their personal care can get exactly the kind of assistance they need. Without being overwhelmed by staff members offering stuff they have no use for. It is a great way to maintain your independence while still getting a little bit of help.

Another choice about where to live in retirement would be active retirement communities. These are places where you buy or rent a place to live much like you would in any other development, except that everybody around you is a baby boomer 55 or older. These communities are often focused on a particular kind of activity, such as golf or tennis.

But some active retirement communities are not so focused on one particular type of activity but instead offer a wide range of activities to choose from. They are filled with the folks who helped change the world and often some of the available activities are humanitarian in nature. Like packing food boxes for disaster victims or organizing blood drives.

Those are great kinds of activities for seniors to get involved in. they help everyone stay active and promote a wonderful cause at the same time.

A choice of activities is important for the baby boomers retiring now. So many of them spent their lives in worthwhile occupations and activities that there is no real reason why this has to stop after they reach their golden years. It is always good to stay active and for folks from the boomer generation, they take this advice to heart each and every day.

A Great Baby Boomer Retention Plan for Dallas Fort Worth TX Employers

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Within ten years, over 12 million from the Baby Boomer generation will be of retirement age.

For many Dallas Fort Worth businesses, this will be a big loss. It won’t be easy to replace their knowledge and talents.

Here is an affordable way for Dallas Fort Worth area companies to change their employee benefits plans to retain these Baby Boomer employees.

Any major medical claim could have a negative impact on insurance premiums, regardless of age. But older employees will have more major medical claims than younger employees. So a group medical plan with older employees will cost more.

Since an employer that retains retirement age employees could have more claims, they will pay a much higher rate for their group medical premiums.

Group Benefits Advisors can help Dallas Fort Worth area employers design a special employee benefits plan will help retain their retirement age employees without fear of raising the group health insurance rates.

This plan has big benefits for both the company and for retirement age employees. The special employee benefit plan documents that we develop for our clients let the employer exclude retirement age employees from their employee group medical plan. The employers then sets up a Medical Expense Reimbursement Account that lets them reimburse any retirement age employees for Medicare Part A and B premiums on a pre-tax basis, and reimburse Medicare supplement plan premiums on an after tax basis.

The employee benefits plan document can also be set up to let the employee reduce their pretax salary by any sum the employee desires, in return for the employer contributing the same amount into a medical expense reimburse account to pay for current or future medical expenses or to pay for long term care insurance premiums.

Here is how this helps Dallas Fort Worth Texas area employers. The employer retains the valuable retirement age employees without impacting their group medical insurance premiums.

Here is how this helps Dallas Fort Worth Texas post-retirement age employees. First, the retirement age employee continues to work doing something that they truly enjoy. Second, the employee continues to save money for retirement, rather than draw on retirement funds.

Third, the employee can actually get a better health plan through medicare and a medicare supplement plan and at a lower cost than if they were part of their employer’s group medical insurance plan. Fourth, the employee could even contribute a portion or all of their salary pretax into a retirement medical expense account that they can use in the future for medical expenses, including long term care. And finally, by doing this the employee could lower their salary enough to still collect social security.

Employees know that they need to save a lot of money just to pay for future medical expenses after retirement. This plan by Group Benefits Advisors is a great way for employers to retain valuable baby boomer employees and help these employees save for their future medical needs.

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