By Annette Kornblum
THE ERICKSON TRIBUNE
Planning ahead can both help you comparison shop and give you peace of mind that you can afford the escalating cost of long-term care.
“In 15 years, today’s 60- year-old can expect to pay $80,000 - $120,000 for a single year of care. For those who are uninsured, the cost of long-term care for even two or three years can wipe out one’s retirement savings,” says Jesse Slome, executive director of the American Association for Long Term Care Insurance.
Marilee Driscoll, author of the Idiot’s Guide to Long Term Planning, personally faced the challenge of coordinating long-term care for several relatives, including her mother, says it’s never too early to get started. “Do your legwork while you are still healthy. If you have made provisions for how to pay for the care, you have lifted a tremendous burden off those who care about you,” she advises.
Easier said than done
Beginning the process can be challenging. When the Roper/WellPoint Survey on Life, Health and Aging polled more than 1,000 older parents and their adult children, it found 60% of these children reported talking regularly to their parents about health matters, except for ticklish later-in-life issues.
The survey found only 32% of these parents confer with their children about nursing homes and longterm care. While nearly four in ten older parents and their adult children reported they would like to discuss health issues more often, about the same number said they didn’t want to be the one to bring it up first.
Spouses also are uncomfortable about confronting the future. Driscoll says couples often think they will “take care of each other.” This only applies to the first spouse, not the widow(er) who often cannot independently assume the responsibility for his or her own long-term care once the time comes.