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Why Clients Fail To Plan For Long-Term Care, Part II
Dear Friend,
Last week we discussed many of the misconceptions Americans have about long-term care as well as who will need it. This week, I wanted to provide you with more information about why your clients are perhaps not planning for long-term care, including the need for coordinated care.
Quality of Long-Term Care
The Genworth Cost of Care Survey of 2015 defined person-centered care as “an approach to health care and supportive services that allows individuals to take control of their own care by specifying preferences and outlining goals that will improve their quality of life.” This approach points to the consideration of coordinated care. Coordinated care involves communication among various medical providers to reduce overlap, misdiagnosis or other medical oversights. Because many people are avoiding thinking about their golden years, they are missing out on the benefits provided by this approach and the survey shows a lack of appreciation for the improved quality of life it can provide.
According to the survey, over sixty-five percent (65%) of adults over the age of forty (40) have two or more doctors that they see on a regular basis. Twenty-nine percent (29%) of those report that their providers do not communicate well or at all. Further, the lack of understanding of the person-centered care approach is evident in that twenty-three percent (23%) of those individuals who don’t participate in it reported that it would not improve their quality of care.
Long-term care is an increasingly important topic among individuals over forty. 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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