Why Planning for Long-Term Care Is Important
No one wants to think about a time when they might need long-term care. So
planning ahead for this possibility often gets put off.
Most people first learn about long-term care when they or a loved one need
care. Then their options are often limited by lack of information, the immediate
need for services, and insufficient resources to pay for preferred services.
Planning ahead allows you to have more control over your future.
Why Plan Ahead for Long-Term Care?
Planning ahead for long-term care is important because there is a good chance
you will need some long-term care services if you live beyond the age of 65.
About 70 percent of people over age 65 require some services, and the likelihood
of needing care increases as you age.
Planning ahead helps you understand what service options are available in
your community, what special conditions may apply for receiving services, for
example, age or other eligibility criteria, what services cost, and what payment
options -- public and private -- apply. Having this information helps ensure you
will have a range of options when you need long-term care, and makes it more
likely that you will have more choice and control over where and how you receive
services.
Planning ahead is important because the cost of long-term care services often
exceeds what the average person can pay from income and other resources. By
planning ahead, you may be able to save your assets and income for uses other
than long-term care, including preserving the quality of life for your spouse or
other loved ones. With planning, there is a greater likelihood of being able to
leave an estate to your heirs, because you are less likely to use up your
financial resources paying for care.
Planning ahead also means less emotional and financial stress on you and your
family. It can provide a way to involve your family in decisions without
depending on them to bear the entire burden alone.
Finally, for many people, one of the most important advantages of planning
ahead is to ensure greater independence should you need care. Your choices for
receiving care outside of a facility and being able to stay at home or receive
services in the community for as long as possible are greater if you have
planned ahead.
Why People Don't Plan Ahead
There are many reasons why people don't plan ahead for long-term care. These
include the natural tendency to avoid thinking about becoming dependent on
others for your care, misinformation about the risks of needing care, and lack
of knowledge about the cost of care and payment options.
Most people don't like to think about getting older, developing a disability,
becoming less independent, or needing help with personal care. Many people don't
realize that their chance of needing long-term care by the time they turn 65 is
as high as 70 percent.
People commonly misunderstand how expensive long-term care is, and how it is
paid for. Consumer surveys have shown that many individuals don't realize that
health insurance, Medicare, and/or disability coverage do not pay for most
long-term care services. Medicaid pays for some long-term care services, but
only if you qualify for the program because you have limited income and
financial resources.
Some people find it too difficult to raise these subjects with their loved
ones, making it difficult to explore and define their plans. Adult children
often feel like they are patronizing their parents if they raise the subject or
they are afraid of giving the impression that they might not want to provide
care if it is needed. Parents often don't want to make adult children
uncomfortable or to discuss details of their finances with them.
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