While nearly all aging adults will deal with either having a long-term debilitating disease or caring for someone with one, a recent Harris Poll survey of adults over the age of 18 found that nearly 38% haven’t talked to anyone about their personal preferences for long-term care. Respondents also say they have not done any planning for the eventual expense. Yet 60% of those same adults expressed a clear preference for receiving such care in their own home from a family member or hired caregiver, not in a medical facility or adult living facility.
What about you?
- Do your family members, financial advisors and potential caregivers know your preferences?
- Have you prepared the proper powers of attorney, health directives and other necessary legal papers to make your preferences clear?
- Have you realistically estimated your potential long-term care expenses and included those needs in your retirement planning?
If so, congratulations! Be sure to regularly update your retirement plans to account for the evolving expenses and options for caregiving and other long-term care.
If you are among those who have yet to discuss the subject with your loved ones or financial advisor—or have yet to seriously decide exactly what your personal preferences are for such care or develop an estimate of the financial resources needed—delay no further. Contact one of our professional advisors today to begin this crucial stage of your retirement planning, including how long-term care insurance may help.
