No one wants to think about needing long-term care in the future, but the odds are that 70% of those who are now 65 will need some type of care. Financial planning for such care needs to be discussed and planned for sooner rather than later, particularly if your desire is to receive care at home. The Geriatric Care Managers at Advocare can assist with all facets of elder care relating to home care, nursing facility care, assisted living and more. Visit us at www.caremange.com to learn more about how we can help you and your family in South Florida.
5 Reasons You Need a Long-Term Care Plan
Surviving to an old age is the dominant good-news story about aging. Improved medical care and better diet and exercise habits, particularly among higher-income seniors, are adding years to lives. This welcome trend, however, is running head-on into the harsh reality that even normally aging older Americans are likely to need expensive long-term care assistance. Few have money or plans for this likelihood.
Here are five compelling reasons for older people and their families to get serious about how they will deal with old-age care needs:
Odds favor needing long-term care. Already, 1 in 7 people over age 65 needs in-home care, and nearly 40 percent of those older than 85 need some form of care, according to a recent fact sheet from the Urban Institute. Another 1.6 million seniors live in nursing homes, and half of them are 85 or older. As many as 70 percent of people who are now 65 will need long-term care at some point during their remaining lives. And the incidence of Alzheimer’s rises with age, with fully half of people 85 and older likely to suffer from the disease.
Care expenses are high and rising. Whether at home or in a nursing facility, long-term care costs have been steadily rising, and can top $100,000 a year for nursing care in an expensive market. As the economy slowly improves, demand for trained at-home caregivers is expected to drive these prices higher. Genworth Financial, a major seller of private long-term care insurance, sponsors a comprehensive annual survey of long-term care costs. It includes costs for nursing home and in-home care in more than 400 markets, and can provide an accurate idea of the scale of long-term costs you might face.
Family members are less likely to provide care. Aging baby boomers have smaller families than earlier generations, thus shrinking the potential supply of unpaid caregivers. Many working-age family members who have been unemployed will be returning to work as the economy recovers, making it less likely that they will be able to provide care for an older relative.