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Growing long-term care preference underscores planning need

On Behalf of | Jun 9, 2021 | Estate Planning |

America’s senior-aged population is robust and growing, with that demographic ever-expanding and collectively living on average to an age starkly unimagined in prior generations.

Consider this: Coupled with the lifespan extension comes a new estimate that the country’s already large 65-plus baby boomer crowd will more than double in size by 2060.

The implications of that are sizable and cut across many dimensions.

Notably, one focus of researchers is on long-term care projections and needs of the legions of aging and retiring people across the United States.

And their preferences: Reportedly, close to 90% of surveyed adults are far from enamored with the idea that they might spend their senior-most years in nursing homes or living communities for “older” people. In fact, a stunning 98% of them flatly object to the former possibility.

What they strongly endorse instead is aging in place. What that practically means is remaining in the family home or residing with loves ones in their residence.

And it obviously implies this too in most instances: some level of ongoing living assistance. Achieving that reality nationally and on a large-scale basis would mark a seismic shift for seniors and their long-term care needs.

It would also require a transformation of programs like Medicare and Medicaid, given that in-home care is largely funded presently out of pocket by recipients and/or their family members.

The future always holds promise and intriguing possibilities, of course, but is seldom unfolds as hoped for absent present and foresighted planning.

Timely and proactive estate planning is a case in point, especially for senior-aged individuals and couples seeking to craft a meaningful strategy for future years. They can begin the process of viable long-term planning by reaching out to a proven and empathetic estate planning legal team for candid guidance and tailored representation.