Are You Prepared for the Risk of Long Term Care Facing You and Others?

Marlene S. Stum, Ph.D. Family Social Science

Have you done planning for yourself?

If you haven't started planning for financing long term care, you're not alone. According to a recent survey, most respondents (67%) recognized that paying for long term care threatens their later life financial security, but only 12% responded that they felt they had adequately prepared for the possibility that they will need long term care (Greenwald & Associates, 1999).

Have you planned with your spouse/partner?

It is very important that family members plan together for their long term care needs. There are many decisions about income, assets and financial security that couples and families need to address given potential financial implications for everyone involved. Do you know how your spouse feels about his/her risk of needing long term care or potential risk protection options?

Are you prepared to cope with a family member's long term care needs?

In the US, the majority of long term care is provided by family members. Spouses, adult children, friends and relatives provide the majority of unpaid long term care. Caregivers spend, on average, 20 hours per week to provide care for older persons and even more time when the older person has multiple disabilities