ANN ARBOR, Mich. – More than two-thirds of older adults will require long-term care services, such as nursing homes, assisted living, or at-home care, yet fewer than half are actually planning for it. A new poll led by the University of Michigan has revealed concerning statistics regarding this issue.
The poll found that 45% of adults over 50 believe the need for long-term care is too far off to consider, and more than half think it’s unlikely they will need such care.
“What we know is that about two-thirds of older adults require some long-term care services, whether it is in the home, in a nursing home, or in assisted living,” said Dr. Ana Montoya, a geriatrician at the University of Michigan Health. “However, fewer than half have reported taking any steps to plan for long-term care services.”
Beyond a lack of planning, Dr. Montoya identified several misconceptions about who would pay for long-term care if needed.
“Nearly two-thirds of adults 50 and older thought that Medicare would cover their stay if they needed to move into a nursing home permanently, which is not the case,” Montoya said. “Some may also think that caregivers are covered under Medicare services, which is also not true.”
Medicaid pays for about two-thirds of all long-term nursing home care, but only for individuals with low incomes.
“Long-term care can become very expensive very quickly,” Dr. Montoya warned. “It’s important to plan ahead with your finances, consider what kinds of savings you have, how much of your retirement plan you may want to adjust, or whether you want to purchase long-term care insurance to cover these future needs.”
The poll also found that fewer than a quarter of those over 50 had designated someone to be their future caregiver or signed a legal form indicating who can make health decisions for them if they are unable to do so.
Taking that step will make things much easier for families if something does happen.
WORKING IN THE E-R, I CAN TELL YOU, TAKING THAT STEP WILL MAKE THINGS MUCH EASIER FOR YOUR FAMILY IF SOMETHING DOES HAPPEN... AND MUCH MORE LIKELY THAT YOUR WISHES WILL BE FOLLOWED.
