50+ Lifestyles

Plan for Care…

By Richard J. Schillig, CLU, ChFC, LUTCF
Independent Insurance and Financial Advisor

Will I need long-term care? Your need for long-term care may increase over time as you need more and more help with the activities of daily living, such as bathing or dressing. OR you may suddenly need long-term care after a major illness or injury, such as a stroke, heart attack, or broken hip. If you do need care, you may need nursing home or home health care for only a short time. Or, you may need these services for many months, years, or the rest of your life.

It’s hard to know if and when you’ll need long-term care, but the statistics that follow may help:

• Life expectancy after age 65 is now 18.6 years. In 1940, it was only 13 extra years after age 65. The longer people live, the greater the chance they’ll need help due to chronic conditions.
• About 70% of people who reach 65 are expected to need some form of long-term care at least once in their lifetime.
• About 11 million Americans of all ages require long-term care, but only 1.4 million actually live in nursing homes.
• About 35% of people who reach age 65 are expected to enter a nursing home at least once in their lifetime. Of those who are in a nursing home, the average stay is one year.
• From 2015 to 2055, the number of people aged 85 and older will almost triple from over six million to over 18 million. This growth is certain to lead to an increase in the number of people who need long-term care.

What these statistics demonstrate for all of us is that we need to have some “Plan for Care.” This plan is a tremendous benefit for our spouses, caregivers or family. We have an insurance company that has developed a worksheet for developing a “Plan for Care.” This worksheet is available for your use in developing your plan.

Call us 563.332.2200 or email us to request a copy rjsandassoc@att.net.

Richard J. Schillig, CLU, ChFC, LUTCF is an Independent Insurance and Financial Advisor with RJS and Associates, Inc. He can be reached at (563) 332-2200.