Long Term Care Myths
Silence Is Not Golden In Your Golden Years
 Second Annual National Long Term Care Awareness Day(SM) Helps to Bust Myths about Long Term Care Planning and Offers Solutions
(ARA) - Has your family talked about long term care plans for a parent, loved one or yourself? Or is "getting older" just something you don't talk about at your dinner table? If you are like most Americans, long term care planning is something you either don't want to talk about, are uncomfortable thinking about or, even worse, something you don't believe needs any discussion.
Recently, the GE Center for Financial Learning, a unique objective Web-based education resource for personal finance, brought together a national coalition of concerned groups to bust myths and misperceptions about long term care planning that could cost Americans dearly.
According to a study of 512 Americans age 45 and over, conducted by Peter D. Hart Research Associates, 85 percent of adults living independently suffer from the misperception that they will never need long term care, requiring changes such as moving in with relatives, hiring an in-home professional nurse or relocating to a retirement home.In reality, established research demonstrates that more than 70 percent of Americans over 65 will need some sort of home health care.
To help cure Americans of this and other potentially dangerous misperceptions, the GE Center, together with groups such as the Alzheimer's Association and Women's Institute for Financial Education, has formed a coalition to promote awareness, education and dialogue about long term care. The coalition outlined the following key myths and realities about long term care planning:
Myth #1 -- "The Government Will Take Care of Me"
Even among people who anticipate a need for professional care, nearly half the respondents (44 percent) believe that long term care costs will be covered by their insurance, Medicare or Medicaid. In reality, Medicaid will only pay for long term care costs your own income does not cover. Additionally, each state is required to try to recover money from your estate to cover what it spent on your nursing home care.
"Unfortunately, most people do not realize that they need to start considering their long term care plans well before they reach retirement age," said Tom Scully, administrator for Centers for Medicare and Medicaid Services. "We hope that programs like the Second Annual National Long Term Care Awareness Day will help educate consumers about the various aspects of long term care planning and motivate them to develop a plan for their future."
Myth #2 -- "My Children Will Take Care of Me"
Forty-two percent of adults living independently believe that should it become necessary, their family members would provide their long term care assistance, yet nearly one in four (23 percent) parents admit their family members don't have enough time or money to help them. Adding to this predicament is the fact that less than half (48 percent) of this same group have actually discussed this eventuality with their children and nearly 20 percent fear that their children would react negatively if they brought up the subject. However, a majority (58 percent) of adult children feel that it would be appropriate for their parents to initiate this conversation and would welcome it.
"Based on my personal experiences with my mother, I understand the emotional and financial strain of caring for a parent", said Congresswoman Karen Thurman, (D) Florida, Fifth District. "When my mother fell ill, I wanted to keep her at home, yet she had little savings and no long term care plan. By taking the opportunity to talk with my own daughter on this year's National Long term Care Awareness Day I am ensuring that she does not face this same burden."
Myth #3 -- "We Don't Need to Talk About Long Term Care"
The majority of older Americans (70 percent) agree that it is important for people talk to their family members or friends about a plan of action, should they need some sort of long term care, yet fewer than 11 percent of adult children who have not already had this conversation with their parent plan to do so before the end of the year. The biggest barrier to having this conversation for adult children is the belief that their parents' view on long term care is their personal business (26 percent). Yet only 9 percent of parents in this survey say they actually feel this way.
"Too often, families wait until some sort of catastrophe occurs, such as a serious injury or an illness, before deciding on a plan of action, which severely limits their choices and can put significant financial and emotional strains on the family," said John F. Kearns, JD, Certified Elder Care Attorney, Fellow of NAELA and Advisor to the GE Center. "The goal of the Second Annual National Long Term Care Awareness Day is to break that 'Silent Dance'(SM) and promote a dialogue to ensure that all Americans get the care they want, when and where they want it."
Overcome Myths and Take Action
To help Americans work through these issues and conduct productive conversations about long term care planning with their families, friends and loved ones, the GE Center developed a special Web site for National Long Term Care Awareness Day. Consumers can log onto www.financiallearning.com and click on the Long Term Care Awareness Day icon for information about long term options, financial strategies, courses, discussion guidelines and more.
Courtesy of ARA Content
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SIDEBAR: If you answer yes to two or more of the following questions, it's time to discuss long term care with your family. Odds are that you haven't had this critical discussion yet, as research shows that only 11 percent of adult children have discussed long term care options with their parents.
* Are you or your parents older than 55 years of age?
* Would an unplanned expense of $60,000 to $100,000 a year be financially devastating?
* Are you an only child?
* Do you and your spouse work full time?
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