Opinion Short time to fix Long-Term Care
Families Drain Their Savings Paying For Long-Term Care
In my experience as a gerontologist at Rush University Medical Center’s Alzheimer’s Disease Center in Chicago, I have spoken to older adults who were worried about the costs involved at the end of their lives. Several families have told me they are taking out reverse mortgages, spending down their savings and tapping retirement accounts to pay for long-term care.
When an individual is part of a married couple, this can be tricky. If they must pay private health care for their sick spouse, the healthy spouse often expresses concern about maintaining his or her lifestyle.
Many people I speak with wish to be able to pass their wealth on to their children and not have to worry about paying for skyrocketing long-term care costs. A survey conducted by Genworth in 2021 found that 66% of caregivers used their personal savings or retirement accounts to pay for long-term care for a loved one.
Read the full Opinion article by Michael Pessman: We Have a Short Time to Fix Long-Term Care