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Most Americans do not know, or refuse to accept, the facts surrounding their potential need for long-term care and the costs associated with it.
According to a Genworth Survey, 70% of Americans over the age of 65 will need some type of long-term care. In addition, by the year 2040, 22% of the population will be over the age of 65, which is a 10% increase from the year 2000. Yet, this survey showed an increasing number of people over the age of 40 refused to believe they will ever need long-term care.
Cost of Long-Term Care
The survey showed a lack of understanding by many of the coverage available for long-term care. The truth is that Medicare does not pay for ongoing long-term care and typically doesn’t pay for care in the home. Most health insurance plans will not cover long-term services. Medicaid is a federally and state funded needs-based benefit that will provide for various types of long-term care.
The actual costs for long-term care are staggering. The average annual bill for a nursing home is $90,000 and for home health care, approximately $50,000.
Most Americans are unprepared for the costs associated with long-term care. For example, the results of the survey showed that only one-third of adults were “very or extremely confident” in their ability to pay for long-term care.
While many individuals reported being concerned over leaving family with debt or becoming a burden on loved ones, many do little to alleviate their concern in the way of planning. In fact, just over 30% of those over the age of 65 reported being concerned with this. And, finally, two-thirds of Americans over the age of 40 reported doing no planning for long-term care.
Help is Available
Although not a popular topic among Americans over the age of forty, the experienced attorneys and staff at Elder Law of Omaha are available to provide caring guidance that will help you navigate the overwhelming and confusing information regarding long-term care.
PLANNING AHEAD BY GETTING PAST THE UNKNOWNS by Catherine N. Swiniarski, J.D. Attorney at Law and Owner, Elder Law of Omaha
For more information, call Elder Law of Omaha today at (402) 614-6400 to schedule a FREE 30 minute consultation.
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Nebraska - Eastern Region