A staggering portion of adults surveyed in Genworth Financial’s 2012 State of Planning Survey claim they are not prepared for their long-term care needs.
Among the 900 adults surveyed ages 45-54, 58% said they did not have future plans for long-term care. Of those without plans, 82% cited reasons such as education and communication for not planning ahead.
Genworth mentions that this lack in proactivity among the surveyed adults can mean significant consequences in the long run, considering the U.S. Department of Health and Human Services’ findings that Americans reaching the age of 65 have a 70% chance of requiring long-term care.
Current anxieties among adults include not wanting to be dependent on others, not finding the time to discuss options with loved ones and simply handling one’s own future themselves. As the survey notes, these fears all boil down to the overarching idea that many adults are unaware that long term care is something which requires planning.
“Long-term care isn’t a pleasant, happy topic to think about, however we can’t let these emotions overwhelm us,” says Dr. Nusbaum, a New York psychologist and money coach.
Nusbaum notes that since fear may be the driving factor toward planning avoidance for many aging individuals, overcoming one’s own emotions could be the first step in planning for long term care.
Written by Jason Oliva