Another Reality Check on What It Means to Plan Ahead (Washington Post)

Elder Law attorney Morris Klein from Bethesda, Maryland shared with us “Why You Shouldn’t Count on Your Family Members to Take Care of You When You’re Old” from the Washington Post.  It begins with contrasting perspectives:

“About 60 percent of adults between 40 and 65 years don’t think they’ll need long-term care services, according to a new Health Affairs study.  That’s much less than the 70 percent of people at least 65 years old who will need long-term care services at some point, either in their home or at a facility, according to a widely cited earlier study from the Georgetown University Long-Term Care Financing Project.  That includes 20 percent who will need between two to five years of long-term care and 20 percent who’ll need more than five years.”

The article provides current cost ranges, citing the need for greater realism about the costs of any third-party care.  Plus, the author warns that a “major reason people are too optimistic is that they think their families will take care of them…. However, about 37 percent of people will need at least some facility-based care and 42 percent will need some formal care at thome, the earlier Georgetown study found.”  And the article continues with more sobering statistics….

Thanks, Morris, for sharing this article!