Long-term care planning: Clearing up the misconceptions

| May 1, 2018 | long term care planning

Time waits for no one. Everyone gets older and with that may come the need for care. Illinois residents who are young and vibrant and even those in mid-life don’t usually think about long term care planning. But the truth is there are some pretty big misconceptions about long-term care and one of the major ones is that many individuals believe they won’t have a need for it.

A recent marketing showed that most respondents didn’t feel they would need long-term care in their old age. Those who did really didn’t understand the dynamics of care or the actual cost. Most people taking part in the survey believed that a private room in a nursing home would cost about $54,000 a year, though it’s more like $102,000. And even though many believed that they would be cared for by family members who could handle the emotional aspects of care, the truth is most caregivers — 84 percent in fact — started that the emotional burden of caring for someone was great. Another alarming fact the survey turned up was that financial planners are mentioning long-term planning less and less to those who are planning their estates.

Financial advisers claim they often refrain from broaching the subject with clients because it can be seen as depressing and complicated. But some say an all-encompassing estate plan needs to include some risk management, which includes planning for the future in terms of old age. By the same token family members need to discuss these issues with each other as well. 

Long-term care planning can take some time. The law can be complicated in regard to particulars. The advice of an Illinois attorney while planning an estate may be helpful for clients wishing to address long-term care issues. 

Source: forbes.com, “Long-Term Care Planning Misconceptions Are Holding Back Advisors And Consumers“, Jamie Hopkins Personal, Accessed on April 30, 2018