Growing old successfully has become a difficult task in America. According to the National Council on Aging, over 25 million Americans age 60 and above are economically insecure. This means that so many of the older population are living at or below 250% of the federal poverty level (set at $29,425 per year for a single person). At the forefront of their worries are long term care needs, health care bills, and diminished savings. With this in mind, it is not difficult to see how successful aging can be a struggle.
Although it takes a collective effort from the society to right the situation, Financeforhealth.com aims to spread awareness on this through engaging discussions and accessible information. Successful aging does not happen overnight. However, we can address it one matter at a time. For today’s post, let us talk about the effects of long term care planning in successful aging.
Also, do not forget to post your thoughts and questions in the comments section below. Every person deserves to age successfully, and we’d love to assist everyone in doing so.
Before we get too ahead of ourselves, let us define one important facet. We all want to attain successful aging, but what exactly is it?
For many, successful aging equates to life satisfaction, longevity, and outstanding health—and they are not wrong. While there have been debates about the definition of successful aging, we see it as the decisions you make to become a happy, healthy, social, and financially-secured individual as you go through life.
So what can we do to achieve this?
One of the main concerns of older individuals is the state of long term care in the United States. While longevity may be a great achievement, it also translates to care costs for which many were not prepared.
No, long term care planning does not always guarantee aging well, but it can remove a massive weight from the shoulders of older individuals.
One, it removes some of the anxiety from your loved ones. As seen in most scenarios, family members have had to step up to provide the care that their older loved ones need. In fact, 40.4 million individuals are providing unpaid care to adults age 65 and older, and studies show that 31% are adult children caring for an aging mother. When this happens, family members are subjected to various forms of stress brought about by the demands of caregiving.
Second, long term care planning done right can mean living the twilight years with peace of mind. Long term care services in America are not affordable for most individuals living in the country. For a year’s stay in a private room at a nursing home, the median cost is $92,378.
Now, imagine covering those expenses for out of pocket. As most of long term care recipients are in their later years, many of them have left the workforce and are living on limited income. Not many people realize how truly devastating the costs can be, and this leads to a very unhappy life.
People have different ways in securing their future long term care needs, but the most ideal is still long term care insurance. In fact, nearly 90% are satisfied with this type of care coverage and 89% share that they did not need to purchase additional services.
That satisfaction and security are what many are missing today.
This is why many are urged to research on long term care insurance information before they even think of retiring.