US boomers talking, but not planning, for their parents’ long-term care

The American Association of Retired Persons (AARP) which represents 34 million members has warned them that “someone will decide where you spend the rest of your life; make sure it’s you”.

A new AARP study has shown that nearly 70% of boomer women are talking with their parents about how they will live independently as they get older; however only 40% of families are actually planning for it.

“It’s great that boomer women are talking to their parents about long-term care options, but talking is not enough,” said Elinor Ginzler, AARP director of Livable Communities. “Not understanding the costs of long-term care and not listening to the desires of ageing parents can lead to decisions that may not be in anyone’s best interest.

“The sooner children of ageing parents can begin helping their parents plan for long-term care, the more likely their parents are to get the services they need in the setting of their choice and the easier it will likely be for their adult children.”

The AARP survey showed that one in five boomer women say they have considered a nursing home as a viable option for an ageing parent, but previous AARP studies show that only 1% of adults 50-plus would prefer to live in a nursing home if they needed care.

Further, this study shows that an overwhelming 68% of boomer women think their parents are financially prepared for any assistance they may need. Past AARP research shows that people often underestimate the costs of long-term care and often think they are covered by US Medicare when generally that is not the case. In 2006, the average cost of a nursing home was about US$75,000 per year for a private room. The average cost for a home health aide was about US$19 an hour in 2006.

“The vacuum of knowledge around this topic is dangerous,” said Ginzler. “It’s dangerous for ageing parents who may be forced into a situation they don’t want, and it’s dangerous for their adult children who may not have the resources to care for their parents. The key is to plan early, but without information planning is impossible; you don’t want to wait until you are in a crisis to get a lesson on long-term care services.”