Most Americans do not know, or refuse to accept, the facts surrounding their potential need for long-term care and the costs associated with it. This was reconfirmed recently in a telephone survey of 1,735 Americans over the age of 40, funded by the SCAN Foundation and conducted by the Associated Press (AP) – NORC Center for Public Affairs Research (“survey”). This survey highlights many of the misconceptions Americans have about long-term care, including:
- The potential that a loved one may need some sort of long-term care within the next five (5) years
- Lack of knowledge of the positive impact of “person-centered care” practices
- Lack of understanding of coverage of long-term care services by Medicare, Medicaid and private insurance
- An increase in lack of concern over failure to plan for the costs associated with long-term care.
Who Will Need Long-Term Care
According to the Genworth Cost of Care Survey of 2015 (“Genworth Survey”), seventy percent (70%) of Americans over the age of sixty-five (65) will eventually need some type of long-term care. In addition, by the year 2040, twenty-two percent (22%) of the population will be over the age of sixty-five (65), which is a ten percent (10%) increase from the year 2000. Yet, this survey showed an increasing number of people over the age of forty (40) refusing to believe they will ever need long-term care.
Although not a popular topic among Americans over the age of forty, long-term care is an increasingly important one. We are in the business of providing options for people in planning for their potential long-term care needs. If you, a loved one or a client needs help figuring out their options, we offer free monthly workshops in our office. These workshops are designed to answer the most frequently asked questions about estate planning as well as provide the attendee with planning options they may not have previously considered. See more information on these workshops below.
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