Many people do not put much time into planning for their future care. Without long-term care in place later in life things may be very difficult.
“Long-term care is an issue many Americans want to shove under the rug,” explained Evan Tunis, president and CEO of Nextexitretirement.com. “It is one of those things no one really wants to confront when they are younger and in relative good health. The thing is, with each passing year the reality is you may need long-term care, and if you have no provisions in place to pay for that, the alternatives are not very appealing.”
Even though life expectancies have increased, the result causes a gap in the number of people needing long-term care and the resources being offered by the system. It is a large gap and many fall through the cracks. The brutal fact is that many Americans may reach old age and have no resources to pay for long-term care and the alternatives may be government funded homes or private assisted living situations.
“If you have read the news lately, you will know there are many horror stories about nursing homes, assisted living centers and government run senior’s facilities,” said Tunis. “Bad things do not happen to everyone, but most seniors want to hold onto their independence for as long as they can. Without long-term care in place, that is not always possible.”
For those that do not seriously think there is a burgeoning aging and care crisis, consider these numbers. There are approximately nine million Americans over the age of 65 years old that need long-term care services of some kind. This number will increase as more people reach the age of 65. Long-term care services are in heavy demand and to meet that demand not only does there need to be increased facilities, but the cost of care will skyrocket. “In 2010 alone, long-term care costs were on average about $75,000 a year, and this is not just for those over the age of 65,” added Tunis. “It could happen to anyone, at any age, and that is something to seriously think about.”
When does someone know if they need long-term care? “This typically happens when a person acquires an illness, whether it is a cognitive illness or disability that keeps them from being able to carry out the basic necessities of daily living,” Tunis explained. “The cost of caring for someone with Alzheimer’s or other forms of dementia is catastrophically high. If you plan now for the future, you will have everything secured and not worry about how to pay the medical bills.”
“It is my job to be here for you and answer any questions you may have about long-term care policies and how to shop for them and what they can do for you,” stated Tunis. “Do not hesitate to contact me. What people do not think about is that just because they have good health now, does not mean things cannot change. It is best to be prepared for just about any eventuality when it comes to your most precious asset – your health and independence.”
