Thursday, November 5, 2015

Does Long Term Care Worry the Affluent Seniors?

According to the most recent UBS Wealth Management Americas report, 42% of wealthy older adults are afraid that they will become a burden to their children later on while 34% says they are afraid of surviving on life support and 15% fear living in a nursing home.

These wealthy seniors prefer not to ask the help of their children but still there are some who discuss their future long term care plan. As a matter of fact, 39% has discussed who will take care of them in the latter part of their lives. But only half has considered long term care in their plan and around 23% has saved for their possible care expenses.

Aging in place is very appealing to seniors because this will relieve their children of the responsibility of taking care of them in the future.

Around 89% prefers to age in place and 54% considers living in an assisted living facility. However, there are still some who want to move in with their adult children or move to nursing homes.

It’s important to have a plan for long term care and to share this with your loved ones. It’s hard for some older adults to discuss this to their better half or children but this is recommended in order to have peace of mind and receive proper care in the latter part of their lives.

Those who need expert advice when planning for care can get more long term care resources by using this free tool:

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