Long Term Care and Your Financial Security: Sorting Out Myths and Facts

Marlene S. Stum, Ph.D. Family Social Science

To protect your later life financial security:

• Recognize your risk of needing long term care
• Understand possible long term care costs
• Sort out expectations, goals, and concerns
• Understand financing alternatives and consequences
• Take action now before a crisis.

  
  Recognize Your Risk of Needing Long Term Care

• Most people who need long term care need skilled nursing care in a nursing home.
  False. Most people who need long term care receive care in their own home provided by unpaid family caregivers. Individuals are most likely to need help with "activities of daily living" such as eating, bathing, dressing, walking, toileting, or taking medications. Long term care can include a wide range of medical, personal, and social services provided in a home, the community, housing with services, or in skilled nursing facilities.
  
  
• Individuals 85 and older are at greatest risk of needing help with activities of daily living and long term care.
  True. The oldest-old, individuals who reach 85 years and older are more likely to need help with activities of daily living and be in need of long term care than any other age group. For example, the prevalence of long term care need in the community moves from 11% for those in the 65-74 age group to 49% for those in the 85+ age group. However, it is important to keep in perspective that a majority of the oldest-old still remain independent and living in the community.