AARP Poll: Boomers Not Planning for Parents' Long-Term Care

The good news, according to a new AARP study, is nearly 70 percent of boomer women are talking with their parents about how they will live independently as they get older; the bad news is only 40 percent of families are actually planning for it.

With so few families making long-term care plans, it isn't surprising that boomer women's beliefs about long-term care are also off the mark.  The AARP survey showed that one in five boomer women say they have considered a nursing home as a viable option for an aging parent, but previous AARP studies show that only one percent of adults 50-plus would prefer to live in a nursing home if they needed care.

Further, this study shows that an overwhelming 68 percent 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 Medicare when generally that is not the case.  In 2006, the average cost of a nursing home was about $75,000 per year for a private room.  The average cost for a home health aide was about $19 an hour in 2006.

Someone will decide where you spend the rest of your life -- make sure that someone is you.

To view the complete study "Are Americans Talking with Their Parents About Independent Living:  A 2007 Study Among Boomer Women" go to http://www.aarp.org/research/housing-mobility/indliving/boomer_women.html

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