Many experts believe that too few elderly people have plans for their long term care and their eventual death. According to many studies, this is exactly the case and it should make people in Boston realize the need for long term care planning. With the many advances in medical technology, people are living longer than they ever have before. That means that the behaviors of past generations witnessed by the current elderly population may not be models to follow.
Interestingly, even people who have been exposed to long term care situations may not be personally prepared, potentially leaving the public and family members with the financial costs of receiving such care. One of the most recent studies examining this topic surveyed 900 adults between the ages of 45 and 54. Some of them had provided care for a loved one during the past year while others had not.
When asked if they were concerned about money for retirement, the two groups had statistically different responses. About 25 percent of the group that had given care in the past year said they were worried as compared to the 38 percent of the other group. The researchers dug deeper, noting that the majority of family members that had given care to a loved one were female.
They then found that 60 percent of Americans that do not have plans for long term care were women, something they could not fully understand. Researchers wondered why women-who were stuck giving the care to unprepared loved ones-would not have plans for themselves to avoid passing the responsibility of their care to a family member.
The study determined that women were twice as likely to say that they had not found the right time to talk about long term care with their loved ones yet. Experts suggest that aging individuals make time to talk about these concerns so that everyone is on the same page should the need for long term care arise.
Source: Reverse Mortgage Daily, "Caregivers Have Fewer Retirement Security Concerns: Study," Jason Oliva, Dec. 26, 2012