Retirement and Long Term Care Planning: Checklist for Aging Americans
Retirement and Long-Term Care Planning: Many Americans deny buying long-term health care as they get old. Here we will discuss on long-term care planning checklist. As per A poll of American citizens, taken by AP-NORC Center for Public Affairs Research, about two third of surveyed people, the age of 40 said that they haven’t planned for their retirement years.
Surprisingly, 3 out of 10 people said that they didn’t even think about getting older. Most of the people who have taken part in a survey have a family with children. But at very surprise, 60 percent of them did not even think about their family members and loved ones.
Here we will discuss on retirement plan checklist and why is long-term care planning so important? When one gets old, he needs others to feed him, to drive, to bath,e and of course money. The expectation that the patient’s family is going to be there when he needs them often doesn’t mean they understand the full extent of what the job of caregiving will be.
If family members would not do all care, whether he will be able to hire a nurse or not is the main question. To afford a full-time nurse, one must have to secure his future by now or never.
Nearly 50 percent of the surveyed people said that they will need an assistant in retirement. These all questions point out the need for a long-term health care plan. People, who surely receive care and financial help from their family or children in need, are less of a problem. Nearly 60 percent of surveyed people underestimated the cost of a nursing home. The average cost is more than $6,700 per month.
More families are facing responsibly as increasing population day by day. After the age of 65, means at the age of retirement, around 70 percent of Americans needs long-term care any time after crossing 65 years.
Medicare does not pay for the common type of care. Then also, around 37 percent of surveyed people believe that it covers nursing homes as well as home health services.
In the U.S., federal-state programs pay for long-term care for poor citizens. The AP- NORC Center encourages saving for long-term care and more than 50 percent of them established a voluntary long-term insurance program. But in the year 2011, a program ended due to the cost of it. Only 8 percent of 40 to 54-year-olds have done much planning for long-term care. Compared to those 30 percent of people 65 years old have planned for their retirement. Read more articles on rozyjos.
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- Why is Long-Term Care Planning So Important?
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