Wow. Ignoring the facts won’t make them go away. They seem unbelievable.
The National Clearinghouse for Long-Term Care Information reported that about 70% of Americans who live to age 65 will need long-term care at some time in their lives, over 40 percent in a nursing home. Learn more by visiting their website and to learn more about how you can plan.
The same report cited the averages: Those who are 65 today will need long-term care services for three years. Women need care for longer (on average 3.7 years) than do men (on average 2.2 years). While about one-third of today’s 65-year-olds may never need long-term care services, 20 percent of them will need care for more than five years.
The most important thing you can do today (at ANY age) is set up a Durable Power-of-Attorney. There may be situations in which even your spouse needs this document. Check with a local estate attorney.
Having your estate planning and financial plan in order is important, but more important is making sure your accounts, access codes and personal papers can be easily found by those who may need to step in and help you. Until our late 80s, we are more likely to suffer a temporary incapacity than we are to die. CNNMoney reported than more than $58 billion in unclaimed money and assets is sitting with state and federal treasurers — it’s the stuff that got lost in the shuffle of a move, personal crisis as well as death.
Here is a link to the full list of papers so you can do it yourself. If you want to be prompted through the process in a workbook format, you can order a MemoryBanc Register. Use the term “Reader” for a 10% discount on your order. Alerted.
3 thoughts on “Seventy percent of American’s over 65 will need long-term care”
Thank you so much for this information. These statistics are much higher than I think most of us realize. https://caregivercurio.wordpress.com/
Reblogged this on Harvard Benefits.
Reblogged this on longtermcarehub and commented:
With this recent report, people should take long term care seriously as early as possible. This is no laughing matter especially when you’ve reached the age wherein you need long term care but you don’t have the means to pay for it. No one wants to be in that scary situation, so I hope this would serve as an encouragement for them to plan ahead. According to http://www.ltcoptions.com/planning-for-long-term-care/, planning is essential nowadays especially if you are nearing your retirement years. The cost of long term care is on the rise and life expectancy is much longer these days. These two factors bring the sense of urgency, that people should plan early and secure their future. Instead of ignoring the facts why not start planning today and make a significant difference on your future.