Retirement Plan Checklist – Why is Long Term Care Planning So Important?
Long term care insurance plan: Many Americans deny buying long term health care as they getting old. Here we will discuss on long term care planning checklist. As per A poll of American citizens, taken by AP-NORC Center for Public Affairs Research, about two third of surveyed people, age of 40 said that they haven’t planned for their retirement years.
Surprisingly, 3 out of 10 people said that they didn’t even think about getting older. Most of the people who have took part in a survey, have a family with children. But at very surprise 60 percent of them did not even think about their family members and loved ones.
Here we will discuss on retirement plan checklist and why is long term care planning so important? When one gets old, he needs other to feed him, to drive, to bath and of course money. The expectation that patient’s family is going to be there when he need them often doesn’t mean they understand the full extent of what the job of care giving will be. If family members would not do all care, he will be able to hire a nurse or not is a main question. To afford a full time nurse, one must have to secure his future by now or never.
Nearly 50 percent of the surveyed people said that they will need an assistant in retirement. These all questions pointing out towards need of long term health care plan. People, who surely receive care and financial help from their family or children in need, are less in a problem. Nearly 60 percent of surveyed people underestimated the cost of a nursing home. The average cost is more than $6,700 per month.
More families are facing responsibly as increasing population day by day. After the age 65, means at the age of retirement, around 70 percent Americans needs long term care any time after crossing 65 years. Medicare does not pay for common type of care. Then also, around 37 percent surveyed people have belief that it covers nursing home as well as home health service.
In U.S., federal state programme pay long term care for poor citizens. The AP- NORC Center encourages saving for long term care and more than 50 percent of them established a voluntary long term insurance programme. But in year 2011, a programme ended due to cost of it. Only 8 percent of 40 to 54 year olds have done much planning for long term care. Comparing to those 30 percent of people of 65 years old have planned for their retirement.
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- Why is Long Term Care Planning So Important?
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