Ensuring a secure future: The urgency of long-term care planning for Floridians
October is designated as Long-Term Care Planning Month, which provides a great opportunity to address a critical concern for Floridians – affording long-term care.
A recent poll by the Transamerica Center for Retirement Studies has shed light on a deeply unsettling reality: only 23% of retirees today believe they can live comfortably through their retirement years. When it comes to long-term care, a mere 14% of retirees express confidence in being able to afford the assistance they might need.
Long-term care is a multifaceted, personalized set of assisted services that many individuals require in their later years. With the inevitable health challenges of aging, a significant portion of retirees find themselves paying for services such as assisted living, home healthcare, or nursing home care. The Department of Health and Human Services estimates that 70% of retirement-age Americans will need ongoing care at some point, highlighting the urgency of addressing this issue.
What is particularly alarming is the financial anxiety this lack of confidence creates. Many retirees and pre-retirement workers fear a decline in their health that will necessitate long-term care, with concerns about the associated costs looming large. This fear compounds with worries about outliving savings and the uncertainty surrounding the ability of Social Security to bridge the financial gap.
The financial burden of long-term care is substantial. For example, the average cost of a private room in a nursing home stands at approximately $9,000 per month. Long-term care insurance is designed to alleviate some of these expenses, yet it remains out of reach for many aging workers due to high and escalating premiums. Furthermore, many Americans need more awareness about the scope and benefits of long-term care insurance, rendering it an underutilized resource in our retirement planning.
A startling statistic from the Transamerica report reveals that 46% of those surveyed plan to rely on family and friends for care, disregarding the specialized assistance long-term care specialists can provide. Additionally, 31% of retirees admit to having no plan whatsoever for long-term care, leaving them vulnerable and unprepared.
So, what can be done? Education and awareness are our most potent tools in addressing this crisis. Floridians must understand their options, including long-term care insurance, the importance of making informed decisions early on, and the untapped resources that are available to them. The legal community, including the Elder Law Section of The Florida Bar, continue to play an active role in disseminating this crucial information, ensuring that our citizens are equipped to make sound financial and healthcare choices in their later years.
Additionally, these legal experts possess the knowledge and experience necessary to help craft comprehensive long-term care plans tailored to individual needs, encompassing vital elements such as wills, trusts, and explicit care wishes. Their guidance not only ensures financial prudence but also guarantees that one’s most intimate and profound desires are respected in their twilight years.
Importantly, these plans, when established with the help of a skilled attorney, are remarkably affordable, especially when juxtaposed with the exorbitant costs that can arise in the absence of a proper plan. Beyond financial considerations, involving an elder law attorney in the planning process acts as a safeguard against family discord, particularly among adult children, by offering clarity and preventing potential disputes.
As we observe Long-Term Care Planning Month, we must commit ourselves to addressing this issue head-on. By fostering awareness, advocating for change, and supporting one another, we can build a future where every Floridian can age with dignity and assurance, knowing that their long-term care needs are not just a burden but a manageable aspect of their retirement years.
Victoria Heuler is chair of the Elder Law Section of The Florida Bar. Established in 1991, the Elder Law Section of The Florida Bar promotes expertise and knowledge in the practice of legal matters affecting older or disabled Floridians, including issues related to health care, long-term care planning, guardianship, estate planning, Medicare/Medicaid, exploitation, and other important matters.
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This article originally appeared on Tallahassee Democrat: Confronting the urgency of long-term care planning for Floridians
