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Friday, September 14, 2012

Should You Worry About Long-Term Care?

How prepared are Californians when dealing with long-term care? The survey released by the SCAN Foundation yesterday showed sobering results:
  • Roughly half of the poll respondents said they will need long-term care for a close family member within the next five years.
  • About half of the poll respondents said they cannot afford even one month of nursing home care.
  • Almost two-thirds of the registered voters in the poll said they're worried about being able to afford long-term care.
  • Eighty-eight percent of those polled said legislators should make affordable long-term care a high or moderate priority.
Sounds like a cry for help. While the wave of baby boomers retiring is still in its early stage, this concern is in the forefront of the California Partnership for Long-Term Care's mind. How do you plan on financing for your long-term care needs? Will you depend on family? The state of California? Deplete your hard-earned savings? 

The Partnership cannot stress enough the need to plan ahead -- whether it's talking with your children about your wishes, sitting down with a financial planner/agent or researching your own options -- it's important to take a step. The Partnership has resources to help, such as calculators, on their website. Check it out, print your results, then talk with your loved ones or trusted professionals about your plan. 

Almost half of those surveyed can't afford even one month of nursing home care. Are you ready?

~ Muriel

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