According to a survey recently conducted by the Associated Press-NORC Center for Public Affairs Research, just 33 percent of older Americans have saved enough money to pay for long-term care that they may require. The survey also indicated that more than half of Americans who are 40 years of age or older share the belief that the federal government should contribute to long-term care expenses.
In 2013, 39 percent of Americans believed that Medicare should have a significant role in paying for continuous living assistance. The number of people who share this stance has since increased to almost 56 percent.
More than 60 percent respondents stated that they have done very little or nothing at all to accommodate for their long-term care needs. Only 15 percent expressed confidence that they will have the money they need for long-term living assistance.
For 57 percent of the survey’s respondents, Medicare will be a primary resource for long-term living assistance. Twenty-five percent of the respondents stated that they plan to rely on Medicaid. Just 20 percent of those surveyed believe that family members should be responsible for financing a significant portion of the long-term care for older relatives.
While many Americans intend to use Medicare for their ongoing care, some are not knowledgeable enough about the program to determine how it can or cannot assist them. For example, many people may not be aware that Medicare does not pay for long-term care at home or at many skilled nursing facilities.
An attorney who practices trust and probate administration law may assist clients with allocating financial resources that can be used in the event long-term care is required. The attorney may advise of the use of a certain type of trust, such as a living or revocable trust.