Wake up, America! A financial crisis could be looming for which you are not prepared. This is the loud and clear conclusion of a recent Roper study about long-term care which shows that most Americans have done little to prepare for what could be one of the largest expenses they’ll ever face – their long-term care. The American Society on Aging (ASA) released the study.
“This study is a real wake-up call for people to start thinking about long-term care,” said ASA’s Jim Emerman. “People need to take the first step of getting some guidance about their long-term care needs. Careful planning can help preserve your options and protect your assets if you ever need long-term care in a nursing home, an assisted living facility or even in your own home.”
But the Roper study of people 45 and older shows how few are actually taking that important first step. More than four in five (86 percent) of the people surveyed said it was important they have enough money to be able to choose a long-term care setting if they or a loved one needs it. But only 37 percent have actually started saving money to cover those costs.
At the same time, while the overwhelming majority (89 percent) believes it’s important or very important to have some type of private or government coverage for long-term care, only 17 percent have bought insurance that specifically provides it.
Long-term care is for people who need help taking care of themselves after an injury, illness, stroke or disease. While most people think of it simply as moving into a nursing home, it can also include having a healthcare aide come to your home or staying in an assisted living facility. Surprisingly, 40% of the people who need long-term care are actually quite young, working adults under the age of 65 who need help after an accident or an injury.
Why aren’t people planning for this vital need? After all, we plan for retirement, for college and other important things. The survey, which was funded by State Farm, found considerable confusion about long-term care. For example, almost half the people surveyed mistakenly believe their health insurance or disability insurance will pay for long-term care. Others are not aware that Medicaid will only cover long-term care if you’ve used up almost all your financial resources. And, in the most telling comments of all, half said since they won’t need long-term care until they’re older, so there’s no need to think about it now. It’s time to wake up and change that way of thinking.
Given the fact that 71.8% of people over the age of 65 will need some form of long-term care, families need to consider long-term care insurance as part of their financial plan. Long-term care insurance can help protect assets, preserve choices and provide independence.
Families should at least be discussing their individual needs with someone they trust.
Features
November 22, 2009
A wake up call to America
Study shows few are planning for Long-Term Care
- Features
-
-
Oil Prices
NEW YORK (AP) — Oil prices continued their two-week slide on Wednesday after a government report showed demand for crude products dropped even further from the weak levels of a year ago when the recession's grip on the economy was strongest.
-
God's Encounter With Man
Retired Pastor Thomas Wood wrote a book about a divine encounter with God. That was back in 1976, and at the time, Wood says he was unable to find a publisher.
-
Religion News
You can submit your religion briefs to blockridge@themeridianstar.com. The briefs are published every Saturday, and must be received every Monday by 5 p.m. in order to be published that Saturday. You may also fax briefs to (601) 485-1275.
-
We apologize
I had a conversation with a friend the other day. They recounted an experience they had where a driver cut them off, then gave them "hand signals."
- Being missions minded The earthquake in Haiti has turned a lot of people to those in need, but there are some who still feel like Americans should put forth more effort in aiding those in need.
-
For Haiti
- Whose mission? The great theologian Paul Hewson once said "I had a mentor that once told me that I should stop praying for God to bless all the things I was involved in and find out what God was doing.
- Religion News
- (10:16 a.m.) Economy December wholesale prices edge up 0.2 percent
- Business Beat
- More Features Headlines
-
Obama Gives Education Waivers to 10 States
Giffords Aide to Run for Her Seat
LA School in Sex Abuse Scandal Reopens
Winter Slamming North Asia, Parts of Europe
Syrian Forces Renew Bombardment of Homs
States, Banks Reach Foreclosure-abuse Settlement
Raw Video: Italy's Mount Etna Bursts Into Life
Greeks March; Angry Despite Debt Deal
Raw Video: U.S. Pullout Celebration
Raw Video: Annual Empire State Building Run-Up
Man Killed in Courthouse Shootout
Air Force Airlines: Leaders Get Polished Service
Ga Girl Fights Off Kidnapper at Walmart
Nevada Highway Patrol, City Settle Beating Case
Homs Bombardment Continues, Global Outcry Grows
Raw Video: Dog Rescued From Icy Colo. Water
Skip the Coffee Cup and Inhale Your Caffeine Fix
