[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/the-majority-of-elderly-end-up-needing-long-term-care-new-york-ny-greenwich-ct\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/the-majority-of-elderly-end-up-needing-long-term-care-new-york-ny-greenwich-ct\/","headline":"The Majority of Elderly End Up Needing Long-Term Care","name":"The Majority of Elderly End Up Needing Long-Term Care","description":"Not having a long-term care plan can put your family at financial risk. A government report estimates a vast majority of those over 65 will end up needing long-term care. However, many people do not have plans to meet the expenditures, according to Westfair Online in \u201cKeybank poll reveals clients aren\u2019t planning for long term […]","datePublished":"2019-01-21","dateModified":"2023-07-30","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b022ad38e95f5.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b022ad38e95f5.jpg","height":853,"width":1280},"url":"https:\/\/www.amorusolaw.com\/blog\/the-majority-of-elderly-end-up-needing-long-term-care-new-york-ny-greenwich-ct\/","about":["Asset Preservation","Elder Law","End of Life Planning","Estate Planning","Health Care Proxy","Long Term Care Planning","Power of Attorney \/ POA"],"wordCount":452,"keywords":["Elder Law","End-of-Life Planning","Estate Planning","Health Care Proxy","Long Term Care Planning","Power of Attorney"],"articleBody":"Not having a long-term care plan can put your family at financial risk.A government report estimates a vast majority of those over 65 will end up needing long-term care. However, many people do not have plans to meet the expenditures, according to Westfair Online in \u201cKeybank poll reveals clients aren\u2019t planning for long term care.\u201dA U.S. Department of Health and Human Services report found that people age 65 and older have a very good chance\u201470%\u2014of needing long-term care. Despite this, most people do not have plans in place.This is true for people with assets exceeding $1 million and for people with more modest assets. In a study by Keybank, fewer than a quarter of high net-worth clients had plans in place for long-term care. This poses real financial risks to the individuals and their families.Consider the costs of long-term health care. One study from Genworth Financial reports that in 2017, the national median cost of a home health aide was roughly $49,000 a year, assisted living facilities could cost $45,000 (that\u2019s not including medical services), and a private room in a nursing home came close to $100,000 annually. Costs vary by region, so if you live in an expensive area, those costs could easily go much higher.Why don\u2019t people plan ahead for long-term care? Perhaps they think they will never become ill, which is not the case. They may think their health insurance will cover all the cost, which is rarely the case.\u00a0 They may believe that Medicare will cover everything, which is also not true.Everyone\u2019s hope is that they are able to be at home during a long illness, or during their last illness. However, that\u2019s often not a choice we get. This is a topic that families should discuss well in advance of any illness. Talking with family about potential end-of-life care and decisions is important for setting expectations, delegating responsibilities and avoiding unpleasant surprises.The other part of a long-term care discussion with family members needs to be about estate plans and decisions about the disposition of assets. Everyone should have a will, and all information including deeds, trusts, bank and investment accounts and digital assets should be discussed with the family. You\u2019ll also need a power of attorney and health care proxy to carry out your wishes in case you are incapacitated during your lifetime. An experienced estate planning attorney can help create an estate plan that meets your needs and facilitate discussions with family members on these often difficult subjects.Reference: Westfair Online (Sep. 7, 2018) \u201cKeybank poll reveals clients aren\u2019t planning for long term care\u201dFor more information on elder law and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"The Majority of Elderly End Up Needing Long-Term Care","item":"https:\/\/www.amorusolaw.com\/blog\/the-majority-of-elderly-end-up-needing-long-term-care-new-york-ny-greenwich-ct\/#breadcrumbitem"}]}]