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Planning for Long Term Care
Few of us like to think about getting older. We don’t want to admit we may need help getting around in 40, 20, or even 10 years. We don’t like to think about how our health in our senior years could affect our families or our savings. We definitely don’t want to begin anticipating and planning for long term care we may need in our later years. And frankly, I don’t blame us! It’s difficult to face the facts of life. It’s natural to deny that we are aging, but that denial can be extremely dangerous. This trend of denial and procrastination can have devastating effects. That’s why planning for long term care with the help of an attorney is so important.
Planning for Long Term Care
Last year, Jennifer Agiesta and Lauran Neergaard wrote an article for AP News titled, “Long-term care in aging US: Not for me, poll says.” The piece discussed how the US population was handling the aging process and the need for long term care, and it presented some worrying facts. All of these statistics were garnered by a poll of people 40 years or older conducted by the AP-NORC Center for Public Affairs Research:
3 in 10 people said that they “would rather not think about getting older at all.”
1 in 4 predicted it was “very likely that they’ll personally need help getting around or caring for themselves during their senior years.”
More than half admitted that they had already acted as a caregiver for an impaired family member or friend.
Although most people expected their family members to help out if they did need long term care in the future, 6 in 10 had not talked about this scenario and its details with their family.
Almost 60% underestimated the cost of a nursing home, which is $5,500 per month in the state of Missouri, on average.
About 37% mistakenly believed that Medicare would cover their long term health care when in fact, most types of long term care are not covered by Medicare.
The article also cited government figures that revealed that nearly 70% of Americans will need long-term care “at some point after they reach age 65, whether it’s from a relative, a home health aide, assisted living or a nursing home. On average, they’ll need that care for three years.”
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We are all growing older every day of our lives. Instead of ignoring this fact, embrace it so you and your family can have the best future possible. Start planning for long term care right now, today even! If you imagine your family members helping out in your later days, tell them so and ask them how they feel about it. There is a 70% chance that you will need long term care, so don’t assume it won’t happen to you.
Here at LifeGen Law Group, we have expanded our services to proactively plan for the rising cost of long-term care to ensure your spouse and family are protected, should nursing home care be needed. If you haven’t created a will or begun planning for long term care, please come talk to us today. We would be happy to help you create a secure, comforting, proactive plan for your future. We have offices in Springfield and Branson.