The Senior Care “Reality Check”

Senior Care includes more than nursing homes….

Why is there a drastic difference in people’s perception vs. reality?

People are in denial over aging and what comes along with it.
Consumers are optimistic in our youth-oriented culture. Why worry now anyway?
People equate aging and long-term care with death and defeat.
The reality of aging is not a powerful enough motivator until it hits close to home.
Care has been driven by crisis management versus proactive and preventative care.
There is not enough discussion on what long term care is. It’s not just “nursing homes”.

What are the consequences for not being prepared?

If you are prepared, you can choose the care you receive. If you are unprepared, care is chosen for you.
Without proper preparation, the financial and emotional stress on the family to be the caregiver can be devastating.
For the unprepared, the need for long term care can result in a complete depletion of assets and/or bankruptcy.
Proper planning gives consumers control of their care options and also eases the burden of family members.
Most people falsely believe Medicare will cover the costs of long term care services they will need.
Most people don’t have enough money to pay for long-term care out-of-pocket, but have too much to qualify for Medicaid.

How would you close the discrepancy gap?

The best long-term care education comes from experience – when people have loved ones living the experience.
Society, starting at a young age, needs to remove stigmas associated with aging. It’s okay to admit natural aging.
Long-term care needs to get more mainstream media attention, and not just the risks, but the consequences of aging.
Build more public awareness about aging and long-term care through real life examples of people receiving and giving care.
Human resource departments should address the need for long term care planning in addition to retirement planning.
Consumers need to understand chronic diseases and make lifestyle changes to reduce the associated health risks.

What advice do you have for consumers about their future care needs?

Become your own advocate. Put together a plan that includes the proper legal and financial planning paperwork.
Have consistent talks with your family about your long-term care plan and maintain the ongoing dialogue.
Build your team of trusted advisors that includes family members, financial planner, estate planning attorney, etc.
Include long term care as part of your retirement planning. Begin saving and preparing for those needs.
Knowledge is power. Seek input and advice from those with both positive and negative long-term care experiences.
Take care of yourself while you can. Make healthy choices to reduce risks and maximize your health.