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Survey shows it's time to start taking long-term care costs seriously

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Survey shows it's time to start taking long-term care costs seriously.png

Baby boomers will continue their mass-exit from the workforce over the next decade. Many people entering their golden years will leave employers facing record job vacancies and the need for long-term care services will explode.

A recent survey found that many Americans harbor concerns and misconceptions about long-term care costs. 

The survey, conducted by the Associated Press, asked 1,341 people 40 years and older about long-term care. The responses revealed that many Americans are feeling woefully unprepared and uncertain:

· 66 percent did not plan for long-term care

· 50 percent had discussed with their family about their long-term care preferences

· 33 percent saved some funds to cover nursing home or health aide costs

· 15 percent expressed confidence they'll be able to cover ongoing living assistance when needed

The survey alarmingly found many people are misinformed about available government aid:

· 57 percent would rely on Medicare-- even though it doesn't cover most long-term care costs

· 25 percent would rely on Medicare --even though it's only available to disabled and lower income individuals

On the topic of government aid, many felt it was time for the feds to assume a larger role:

· 56 percent felt that the federal government should make a greater effort to help with long-term care costs

· 30 percent felt that the federal government should make a moderate effort to help with long-term care costs

· 56 percent felt that Medicare should assume a major role in long-term care coverage 

· 70 percent voiced support for a government-run, non-mandatory long-term care insurance program

These types of endeavors would face major opposition on Capitol Hill. The reality is we all need to start thinking more about long-term care planning.

Source: CBS News, "Poll: Most older Americans want Medicare to cover long-term care," May 26, 2017

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