Finance

A Look into Long-Term Care Infographic

A look into long-term care #infographic

Long-term care remains a topic that many people avoid or delay creating an action plan for because too many believe (or hope) that they will never need long-term care assistance. The reality is that 75% of people over age 65 will require some form of long-term care assistance in their lifetime.

Age in Place created a wonderful infographic highlighting the cost of long-term care and the realities of Medicare, Medicaid and private medical insurance. The fact that 72% of Americans become impoverished after only one year of nursing home care is a reality that many unknowingly face.

A look into Long-Term Care #Infographic

Long-term care is an issue that we all face, and it is better to talk about it now then wait until the need exists. Not only to help prepare for the cost of care but to also decide how you (or your loved ones) want to be cared for when you can no longer care for yourself.

Unfortunately, there is so much outdated or incorrect information being shared, which can make a difficult topic even harder. So if you have any questions about long-term care, please fill out the form below. I will be answering your questions this Friday.

What Are Your Long-Term Care Questions?

[contact-form-7 id=”6561″ title=”Long Term Care”]

Please Note: I may not be able to answer every question received and cannot give specific advice on your individual situation, only offer general guidance. I will do my best, however, to point you towards appropriate resources and give you plenty of food for thought, so you can create your long-term care action plan.

What surprises you most about long-term care? What is your biggest concern?

Shannon

The Heavy Purse Store is now open! My new downloadable Money Club Workbooks are now on sale. Each workbook provides five targeted lessons to help you raise Financially Confident Kids. Please check them out in The Heavy Purse Store.

September 3, 2014  •  11 Comments  •  Finance

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Comments

  1. Wednesday, September 3rd, 2014
    Your infographic is very informative! I and my wife have been discussing to get a long-term care insurance, which we feel we really need to. Gotta start planning early. BTW, I never thought that home-delivered meals and visiting nurses would be covered by this. Thanks for the info Shannon.
  2. Wednesday, September 3rd, 2014
    Admittedly, this topic is outside what I normally cover. That said, it's so helpful to see the information in an infographic. I think it's better for me to learn about it now, even though that's not my main focus. Thanks for sharing, Shannon!
  3. Wednesday, September 3rd, 2014
    This is a great infographic Shannon. I think so many people get confused when it comes to Medicare and they assume that Medicare would cover all of this. It is amazing how much Medicare DOES NOT cover. Long term care is also just not an "old person" issue. Somewhere between 37% and 41% of people requiring long term care are under the age of 60. It is really something that people need to be prepared for as part of their overall financial plans.
  4. Wednesday, September 3rd, 2014
    Wow, 72% of Americans become impoverished after just one year of nursing home care? That is so sad. That is an eye-opening statistic for sure!
  5. Wednesday, September 3rd, 2014
    Very informative infographics. I need all the help I can get to convince mamadukes that now is the right time for her to get long term care insurance.
  6. Wednesday, September 3rd, 2014
    Thank you for sharing this. My parents purchased long-term care insurance for themselves a few years ago and I'm thankful that they've planned for the future so carefully. Very helpful infographic too--I've learned a lot!
  7. Wednesday, September 3rd, 2014
    I'm glad you've been focusing on long term care care. It's one of those things you put off then wish you'd done more when you had the chance. I used to hate to talk about things like that, but it doesn't bother me anymore. I'd rather make my wishes know than make someone decide for me. I'm still not sure about getting long term care insurance or when, but this makes me consider it more.
  8. Wednesday, September 3rd, 2014
    Hi Shannon,

    Thanks for sharing this infographic...very informative. I haven't thought about long-term care for me personally but I have discussed it with my family about our mom. She is eligible to receive long-term care but since she isn't comfortable with someone she doesn't know we each pitch in and help.

    Thanks for sharing! Enjoy the rest of the week. It's going by quick, right?
  9. Wednesday, September 3rd, 2014
    Wow, only 8%! I guess I shouldn't be surprised that only 8% have long-term care insurance. It's not something that is fun to think about and can easily be put on the backburner - at least I'm sure that's the thought process.
  10. Wednesday, September 3rd, 2014
    I can't think about getting old enough to worry about long term care costs. I know its coming and it scares the hell out of me. I think I will have to opt for government care, which will be worse, I believe, then death. I can hardly wait.
  11. Thursday, September 4th, 2014
    Interesting numbers. Scary, really. Now if I could just figure out how to broach the subject with my mom....
Shannon Ryan SHANNON RYAN, CFP®
  • Meet Shannon

    "As a Certified Financial Planner, it is my passion to help individuals and families build a healthy relationship with money. I look forward to helping you raise financially confident kids.” - Shannon Ryan
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