As the life expectancy of Americans continues to rise, so do personal health care costs.  We're all aware of the debates over the last couple of years about health care reform in this country and everyone has their opinion on what needs to be done to make improvements.  One very important step we can all take, regardless of political beliefs, is to plan for future long-term care (LTC).  November is Long-Term Care Awareness Month and though it is not sponsored by an organization, it is a presidential proclamation aimed at getting Americans to plan for their and/or their loved ones LTC needs.

    As mentioned above, life expectancies are on the rise.  Today the average expectancy in America is 78 years old and if you're already over 55, you are expected to live to around 84 years old!  Statistics show that 66% of people over the age of 65 will require some form of long-term care.  That adds up to a lot of people, needing a lot of care for a long period of time.  It doesn't take a mathematician to tell you that the cost for this care is going to be staggering. Ken Dychtwald, PhD, together with Genworth Financial, conducted a national survey and polled 2,000 Americans. The study, "Our Family, Our Future: The Heart of Long Term Care Planning", provided Dr. Dychtwald with insight to how LTC expenses affected individuals' lives, marriages, employment and financial security.  He discovered that most people were not aware that LTC costs are not covered by Medicare or most health insurance policies. Those polled didn't realize that separate, long-term care specific policies must be purchased to cover these expenses.

     For those few people that had made plans or intended to make plans for LTC, there were 3 very common reasons they gave for doing so:

Did not want to be a burden on their family
Wanted to be able to afford the quality care in the setting of their choice
Wanted to protect spouse/loved ones' quality of life and future security

     It is estimated that 66 million Americans serve as family care givers, whether they be a spouse, partner, adult child, sibling of a friend.  Of these care givers, 83% of them contribute to the financial cost of providing such care.  Of course, the amount and type of LTC will also determine overall expenses.  If, for example, the care recipient has Alzheimer's disease, the cost both financially and emotionally, can be overwhelming.  Those with Alzheimer's can live with the disease for many, many years and at some point, require 24 hour care.  This in turn brings up other issues.  Dr. Dychtwald has determined that there are 3 "core" topics when families discuss long-term care:

What care options are most preferred?
  a) Home
  b) Assisted Living
  c) Nursing Home

Potential roles/responsibilities.
  a) Family member(s)
  b) Nurse
  c) Aide

How to pay for required long-term care
  a) Personal or family savings
  b) Medicaid
  c) LTC insurance policy

     Regardless of the situation you and your family may find yourself in, preparing for the future is going to help everyone in the end.  Dr. Dychtwald suggests a few websites that he considers very helpful in getting answers and finding information on LTC options:
www.longtermcare.gov , www.caringtalk.com and www.ResearchLTC.com

Have you or a loved one planned for possible LTC?  If so, how/when did you make the decisions you made?  Where did you go for advice?  We look forward to your comments and stories.