How Common Is Long-term Care Planning?
One thing many people end up needing as they get older is long-term care. Care needs when it comes to daily activities are something that around 70 percent of individuals turning 65 will eventually have, according to some estimates.
While having long-term care needs in one’s elderly years is a common thing, long-term care remains something a rather significant portion of Americans aren’t making preparations for. According a recent survey, not having done any long-term care planning is something that is the case for around a third of Americans at least 40 years old.
One thing that might be behind this high prevalence of lack of long-term care planning is that there are quite a few Americans who feel they will never need long-term care. According to the survey, around 4 in 10 Americans 40 and older think they will not likely have long-term care needs in the future.
This illustrates a trap that some individuals can fall into when it comes to long-term care planning and estate planning in general. They may let feelings they have that certain bad or difficult things won’t happen to them lead to them not preparing for the possibility of unexpected events arising, like unexpected care needs. While it is perfectly fine to hope one’s elderly years will go smoothly, letting such hopes lead to a lack of preparation can leave a person (and possibly their family) in a very exposed position if things end up not going smoothly.
Unexpected events, including unexpected long-term care needs, can strike anyone. So, whatever one’s circumstances and health, solid estate planning and long-term care planning can be important. Individuals looking to set up an estate plan (which can include things like long-term care planning) can go to a skilled estate planning lawyer for guidance and advice.
Source: Your West Valley, “Poll: Third of population has done no long-term-care planning,” June 5, 2016