Due to increased life expectancies, today’s 65-year-olds will need on average close to $200,000 to cover long-term care costs in their lifetime. (Long-term care refers to care that is not covered by Medicare – typically assistance with Activities of Daily Living, such as cooking, dressing, bathing, toileting, and transferring.) Many don’t and won’t have this much money, while for others who do, it could still leave their spouse or partner with very little to live on. For the extreme cases of dementia or Alzheimer’s diagnoses, costs could go even higher over many years, making a significant dent in even a wealthy person’s bank account. Few people have that kind of money set aside. Only 11% of Americans have long term care insurance. This article outlines a Bipartisan Policy Center report on solutions to the long-term care issue. Thanks to ReunionCare for tweeting this last week.
Want to know how your state ranks in terms of quality of life in your 80s and 90s for you and those who may be your caregivers? Visit AARP’s state scorecard for long-term care and end-of-life quality here:
What are your thoughts on long-term care? Do you have long-term care insurance? Why, or why not?