Procrastinating on Long Term Care Planning? You’re Not Alone

Posted on October 3rd, 2011 by Em-Power Services
Sun Life Finance entitled their latest pulseĀ poll “Shut Your Eyes and Hope for the Best”, after it found that only 36% of respondents think they will need long term care in their lifetime. In reality, about 70% of Americans over age 65 will need long term care at some point.
The study’s commentary states that “many Americans harbor a discomfort with aging and mortality, and experience wishful thinking about their chances of living independently in their final years. This mix of dread and hope has led to a counterproductive paralysis about long term care planning”. The study also found that most respondents “fail to grasp the scale of rising nursing home costs”.
Importantly, however, the study also finds that even with that sense of dread, people age 50 and older are both very aware and concerned about paying for long term care. The survey found that 57% of this group is worried about financing long term care, including affluent respondents.
Not surprisingly the worry about long term care increases as people approach age 65, particularly for those who are single.

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