should I start planning for long term care?
S. Stum, Ph.D. Family Social Science
should start planning NOW because all age groups
are at risk of needing long term care.
need for long term care (help with activities
of daily living) can come at any age. Younger
people need long term care because of disabling
diseases, car accidents, AIDS, brain injuries,
strokes and other disabling events. In fact, 40%
of people who need long term care are working-age
adults, and 57% are 65 years and older.
as you plan for later life financial needs throughout
your life, you need to also be thinking about
long term care.
people in their 40s, 50s and 60s, seem to understand
the need to plan for changing income sources when
they retire or change their work pattern in later
life. However, few have taken into account risk
management for long-term care. One financial planner
writes, "Even for the wealthiest of us, it
is almost impossible to set aside enough in our
pensions or 401(k) plans to pay for the kind of
price we'll have to pay if we must go into a long-term
care facility or have long-term care provided
at home." (Berg, Employee Benefit Plan Review).
will have more options and choices if you start