Someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and supports in their remaining years
Women need care longer (3.7 years) than men (2.2 years)
One-third of today’s 65 year-olds may never need long-term care support, but 20 percent will need it for longer than 5 years
Having a will and medical directives or even long-term care insurance won’t guarantee that the individual(s) who would step in to advocate for you will know about your medical history, your bills, your home improvements, your tax preparer or even your pets care needs. You want someone to be your advocate should you be facing a medical crisis or long-term care needs.
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.