Two thirds of older Americans in New York and elsewhere have not put away funds for future care expenses. A survey by The Associated Press-NORC Center for Public Affairs Research, which polled 1,341 Americans, revealed this number.
The fact that the majority of older Americans polled stated that they do not have savings for long-term care may coincide with the statistic that over 50 percent of the poll participants in the same survey who are 40 years of age or older believe that the federal government should help people with long-term care planning expenses. These figures indicate that many Americans will not be able to pay for their long-term care on their own and that they may need external support. The belief that Medicare should pay for assisted living care has grown from 39 percent in a 2013 to 56 percent in the poll taken this year.
The indication that many Americans will need outside help is further corroborated by the statistic that only 15 percent of Americans polled feel either very or extremely confident that they will be able to pay for their long-term care expenses. Even though this survey shows that a large number of Americans will need help from Medicare, the program does not cover health care at most facilities for aging citizens.
Long-term care planning is essential for protecting an individual’s future. It is important to take time to consider options and make decisions about how much to save so that an aging individual can be provided with the best care possible. When people have questions about these options and decisions, it may be useful for them to discuss their concerns with a lawyer who focuses on these types of elder issues.