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Long term care planning for seniors is a serious issue as many elderly folks moving toward retirement still think that long term care (LTC) is not that big an issue for them since they are expecting a big amount of money from the company that they?ve served for more than half of their lives.?
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They think their years of hard work and substantial nest egg will be enough to cover the expenses they would incur from LTC should they wind up needing it.
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Really now, whose assets are enough to cover the cost of care?? According to a survey which was conducted by financial planners and long term care (LTC) experts, nobody qualifies because the cost of care continues to rise year after year due to inflation.
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Perhaps if the rates of LTC facilities like nursing homes, assisted living, continuing-care retirement communities, and home health care agencies among others were more stable rather than ever-changing, then the government, elder care experts, and LTCI specialists wouldn?t be preaching so much about LTC planning.
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Unfortunately, along with the growth of the senior population is an increased demand for LTC. Based on reports from the Department of Health and Human Services, the elderly population is expected to double in year 2030 so that would be around 72 million which is 19% of the country?s target population by that year.
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Only about 10 million Americans have managed to secure long term care insurance (LTCI) policies while the bigger percentage of the population has remained without a concrete plan for their future health care needs.
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Private insurance companies and various government agencies have been churning out products and programs that will grant everyone access to quality LTC services.? Their efforts, however, turned futile because only a handful of senior individuals are apparently prepared for the anticipated cost of care.?
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Long Term Care Planning for Seniors in America
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Demographers say the youngest of baby boomers is going to turn 65 by 2030 and a greater demand for LTC services will follow as many members of this generation are expected to live longer.?
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Longevity should be considered a good thing as it indicates a healthy nation.? However, there is a downside to living too long and that is susceptibility to a multitude of geriatric diseases.? Even someone who has successfully maintained a healthy lifestyle during his childhood and adulthood may acquire a serious health condition when he reaches the age of 80 or 90 because of a weaker immune system.
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The weakening of the immune system is normal among aging folks and very sick people.? It has to be understood, though, that the immune system does not always have to weaken first before one can require LTC.? There are countless individuals who are not sick but they are receiving care because they can no longer perform their activities of daily living (ADL) such as bathing, dressing, eating, transferring, continence, and toileting.?
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Illness is not the key to LTC but the inability to perform the basic ADL which otherwise could be done without effort.? Practically everybody loses the ability to perform two or more ADL as he gets older and thus explaining the importance of long term care planning for seniors.? For more questions you may get in touch with an elder care specialist or a long term care insurance representative. ?
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