3 in 4 Need More LTC Preparations

According to the U.S Census Bureau’s data, 38.6 million elderly people who are 65 years old and older comprise the country’s total population and about 10 million of them currently have ambulatory disability while over three million are suffering cognitive impairment. This dumbfounding information proves once again that 3 in 4 need more effective strategies for their future health care.

Perhaps the reason that majority of these senior folks are acting complacent about their future health care is the fact that 95.3% of them are living with their children and spouses. It is definitely consoling to know that their loved ones will never neglect them should the time come that they would need help in their activities of daily living (ADL), or even when they acquire a health condition which would require 24/7 care.

Unfortunately, relying on family members for care is pure selfishness. You can say that you will just turn to them for assistance in bathing, eating, dressing, and other ADLs but you will never rely on them for financial help because you have your own nest egg to use.

That would’ve been noble but the painful truth is that nobody’s nest egg will be enough for the cost of care considering the fact that it is not constant. Long term care (LTC) costs increase by the year and, in fact, financial advisers and LTCI professionals have already given a heads up on the twofold-increase of LTC costs come 2025.

Before people can settle down with the new rates of nursing homes, assisted living facilities, adult day care health centers, and home care they will get hit by another big wave of LTC costs in 2030 but this time it’s going to be four times higher.

So if you are among those who are planning to turn to their families for care you might want to consider their future, too.

3 in 4 Need More Help

According to elderly care expert Dr. Marion Somers, between men and women the latter are more in need of an LTC plan.

Women take care of the men in their lives from their fathers to their spouses so when it is their turn to require care, nobody will be there for them neither will there be a nest egg to shoulder their expenses on care.

U.S Census Bureau has revealed that half of the American women population aged 65 and older are financially challenged since majority of them left the workforce too early in order to be able to allot 24 hours of their days to loved ones who are in need of care.

Their early retirement weakened their nest egg and reduced their health insurance and Social Security benefits. With little to no assets how can these elderly women, who are predicted to live to their 90s, acquire long term care?

If you are over 65 and without a definite LTC plan, it is not too late to come up with one. You can resort to reverse mortgages or better yet, seek advice from major LTCI carriers who took part in the 3 in 4 Need More awareness campaign which the nonprofit organization 3in4 Association spearheaded to encourage everybody in the country to plan their future health care needs.