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Only 1/3 of Baby Boomers Saved Enough for Long-Term Care

Only 1/3 of Baby Boomers Saved Enough for Long-Term Care

As Americans live longer, their call for accessible long-term care grows stronger

Affordable Long-Term Care is very much in demand, but it remains a privilege for most Americans as proven by yet another survey for baby boomers.

The Center for Public Affairs Research of Associated Press-NORC, recently released the result of their survey on the accessibility of long-term care, which was participated by 1,341 older adult respondents.

Based on their result, only 33 percent or 1/3 of older adults saved enough for their nest egg to cover their long-term care expenses. Most of them also believe that the US government should help shoulder health care and long-term care expenses because this would become a worsening problem as more Americans are expected to live longer.

The survey also revealed that older Americans aged 40 and up believe that the government should put more effort and “great deal” in assisting people with long-term care expenses.

It is noted that this sentiment has risen for the past few years. In 2013, only 39 percent of Americans think that Medicare should play a big role in covering the living assistance for older adults. However, in the recent poll conducted this year, this sentiment rose to 56 percent.

The survey results also indicated that eventually, more older adults will need financial assistance for long-term care needs in the coming years.

Also in the survey, 66 percent of baby boomers aged 40 and up have acknowledged that they were not able to plan well for their retirement and possible long-term care needs. Only 15 percent are confident of their savings and said that they “extremely” planned and can cover their own long-term care and living assistance.

57 percent of the respondents expect to slightly and fully depend on their Medicare benefits for their long-term care needs and living assistance while 25 percent plans to completely depend of Medicaid.

In addition, only 20 percent of people surveyed think that their family or adult children should be burdened by the large cost of their older adult relative’s long-term care needs.

The survey also noted that while majority of older adults in America rely mostly on Medicare, most of them do not know how the program works and its coverage. The fact is, currently, Medicare does not assist older adults in need of long-term home health care or long-term care in nursing institutions.

 

 


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