Even Wealthy Older Americans Worry About Long-Term Care

In a Nationwide survey of well-off older adults, 47 percent of respondents said they worry about becoming a burden to their loved ones as they age, while 71 percent wanted the option of relying on family members to provide care as needed, although most would not want or expect such care unless they were able to financially compensate them for it, reports the Casper Star-Tribune . Furthermore, most older wealthy Americans do not know what their long-term care costs might involve, and only 27 percent have a long-term care insurance policy. Estimates say about 15 percent of people who turn or turned 65 between 2015 and 2019 will spend more than $250,000 out of pocket on long-term care. In addition, Genworth Financial's 2017 Cost of Care Survey found the average U.S. assisted living community costs $45,000 annually, while the average nursing community costs $85,775 a year for a shared room and $97,455 a year for a private one. Meanwhile, a typical long-term care insurance premium only costs about $3,500 annually. It would also pay for older persons to have a conversation with family members who might one day act as their caregivers. That discussion should have realistic expectations of their needs in order to inform a care plan.