70 percent of Americans who reach age 65 will need Long-Term care at some point, but few are prepared to pay for it, according to a new report by the SCAN Foundation on the State of Long-Term Care Financing. The report also finds that families bear a huge part of the burden, providing $450 billion in unpaid care-giving and over $63 billion in out of pocket costs.
No matter how close you are to your children, that’s a lot to ask of them. Your family may be an exception, but the fact is that families are very different now than they were a generation or two ago. Parents remarry. Sometimes more than once. Today’s adult children may have several “parent-figures.” And today’s young adults are moving farther away, and moving more often.
As a step-parent myself, I understand today’s families are complicated. Those approaching retirement assume that they will be able to rely on government support or their immediate family to provide for their care in the future, but that is no longer true. And, according to a 2010 Harris Interactive survey conducted by Age Wave, “(Seniors) are generally more afraid of burdening their family than dying.”
Long-Term Care Insurance helps mitigate some of that family complication by transferring the financial and care risk to a fixed, pre-determined place – your insurance plan. With a well-thought-out retirement plan and Long-Term Health Care Insurance, you won’t need to worry about your future care – and neither will your children..
I know from years in the financial and insurance industry that knowledge is power. I would add to that, “Risk is risk.”
Take it upon yourself to make an informed health care decision and complete a written, insured plan. Your children will thank you.