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Dr. David J. Demko, professor of gerontology and editor AgeVenture News Service, www.demko.com, Boca Raton, Florida 
Love means never having to say "I didn't care long term."That's the "maturity motto" Aging Americans must adopt. There's a price to be paid for security. That price is planning. Knowing the risks associated with later life. And, more importantly, taking action to minimize those risks. Unless you have just arrived on planet earth, you know that the financial, emotional, and social costs of Alzheimer's are astronomical. By year 2050, sixteen million elders are likely to fall victim to Alzheimer's. Annual costs per Alzheimer's victim: $52,000 according to the American Council of Life Insurance. 16 million X $52,000 per year X 7 years life-expectancy. You do the math. I can't type all those zeroooooooooooooooooooooooos. Myths abound when it comes to late life health risks. The major myth is thinking Medicare will pay the bills. Wrong. Intended for restorative and rehabilitative care, Medicare is unresponsive to the custodial needs heaped upon those too physically or mentally incapable of caring for themselves. Nearly 80 percent of all institutional care is custodial (assistance with the tasks of daily living such as bathing, dressing, ambulating). Sure the government will eventually help with those custodial costs, but not until you spend down to the poverty level necessary to qualify for Medicaid. Medicaid consists of federal funds administered by the states to serve the health care needs of the indigent. Life is full of uncertainties. However, what is certain are late-life health risks, the options for addressing those risks, and a necessity to act on those options. How else can we expect to reduce our risks in order to live with a sense of security. That's why a study, “Aging in America: Planning for Long-Term Care” is important news. The survey, sponsored by Bankers Life and Casualty Company, takes the temperature of a nation feverish with the challenges of coping with the liabilities of long life. "Most studies of late have focused on whether individuals have enough long-term care protection for themselves, while ignoring the role of the family in this decision,” said Susan Morisato, senior vice president and chief actuary, Bankers. “These findings raise the important questions of emotional issues - whether adult children are talking with their parents about plans for long-term care, and if older Americans know what long-term care policies are.” The survey found that 42 percent of adult Americans believe their parents have long-term care (LTC) insurance, while, only 31 percent of senior Americans polled said that they currently have a long-term care insurance policy. Alarmingly, even those numbers are deceiving, considering that less than 10 percent of senior Americans actually have LTC insurance, as industry sales data indicates. Without planning, seniors or their children will have pay out-of-pocket for long-term care costs. Like I said, "Caring Long Term Requires Long Term Care". Get started now, the sooner the better. Contact an attorney specializing in wills and estate planning. Financial advice is more authoritative when dispensed by a Certified Financial Planner (CFP) working in concert with your Certified Public Accountant (CPA). Photo credit: Bankers Life and Casualty, Chicago. Tag line credit: Dr. David J. Demko SEE RELATED ARTICLES IN THE AGEVENTURE ARCHIVES  AgeVenture Lifestyle Features
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