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May 30, 2014

Why Maturing Boomers Should Start Thinking About Long-Term Care Now

Many of us make an effort to prepare for big steps in our lives. You probably remember planning ahead to buy your first home or for the day you sent your kids off to college. But a recent Associated Press-NORC Center for Public Affairs study shows a majority of Americans age 40 and older aren’t prepared for long-term care they may need later in life. In fact, they’d rather not think about it at all.

Most people agree planning for long-term care is important, but they have not yet taken steps to prepare. Here, we take a look at a few reasons why you should take the time to create a plan before you need to use it.

Investing In the Future

The earlier you start planning for long-term care, the more options you’ll have. You can start by understanding how much you’ll need to save for the long-term care option that’s best for you. Making these decisions while you’re still healthy and working gives you time to save.

Remember, Medicare covers only 100 days of long-term care with copay before you have to dip into your own bank account. Even if you’re already retired, it’s never too late to create a plan for long-term care you may need in the future.

Peace of Mind

Planning ahead has the benefit of giving you peace of mind. More than half of American adults over age 40 surveyed in the study said they had a great deal or quite a bit of concern about losing their independence, and 44 percent are worried about paying for the care or help they may need as they age. You can eliminate that stress by having a plan that makes you feel secure. 

Make Your Wishes Known

Only 41 percent of the older adults surveyed have discussed the preferences for long-term care with their families. When you take the time to research and plan for long-term care, you empower yourself to make your own decisions about your future. You can visit long-term care providers to see where you might be most comfortable if you do need long-term care. You might also look into specialized providers, like communities that cater to veterans or offer green living plans, based on your preferences.

Help Your Family

When you have plan, it takes the pressure off your family to make important decisions about your health and living arrangements. According to the study, more than 60 percent of adults surveys said they were at least moderately concerned about being a burden on their families. That concern shouldn’t prevent you from talking with your family about arrangements you have made or would like to make regarding long-term care. Having a plan can give your family as much security and peace of mind as it gives you.

Learn more about making a plan for long-term healthcare as you age by contacting Kendal at Oberlin and Kendal at Home today.

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