Young Adults More Likely to Prepare for Long Term Care
American adults in their twenties and thirties are more likely to prepare for future long term care expenses than other age groups, according to a survey conducted by Northwestern Mutual.
In contrast, those in the 45 to 54 age group are the least likely to plan for their own long term care needs or unsure of how to do so. The poll shows a greater awareness among the younger generations of the reality of long term care due to personal experience in providing care.
Of the respondents, 36% in the age range 18 to 34 expressed an intention to save for care expenses in the future, compared to 21% of the latter age group. Young adults are also the most concerned that significant changes will happen if they are to provide care for a family member or friend. These changes include adjusting their daily budgets, needing to learn basic caregiving skills, spending less time with other family and friends, reducing work hours, and experiencing strain on their relationships.
Over 2,000 American adults, one in five of which has provided long term care, participated in the online consumer poll.
Are You Still Puzzled with Long Term Care?
Results show that 41% of survey participants do not have a clear idea or are otherwise unsure of how to manage a situation that necessitates long term care. Furthermore, 43% still believe the common misconception that health insurance and Medicare or Medicaid covers long term care expenses.
Only 11% of the respondents are current long term care insurance policy holders, and 15% are still considering getting theirs. Meanwhile, 16% of respondents expect family or friends will care for them and 13% are planning to reside in a retirement community that provides custodial care services.
Have You Considered the Impact of Family Caregiving?
Of those who have provided long term care to family or friends, about 4 in 10 allowed their care recipients to share their home. Providing care also amounted to increased levels of stress for 6 in 10 respondents, while 4 in 10 found it to be physically tiring.
Help and support for caregivers are also minimal. Only 19% received financial help from other relatives, while a total of 35% either paid for incurred expenses using their personal income, retirement savings or credit card.
Lessen the Burden of Long Term Care on Loved Ones
Minimizing the impact your long term care needs will have on your family and friends by putting a plan in place now. Relying on them for care in the future will have significant effects on their quality of life. Avoid these by preparing for you and your families' care with a plan before the times comes. Now is the time to get more information from an LTC Specialist. Fill out this short form below to get more information on Long Term Care Planning.