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Attitudes toward long-term care have shifted. Why?

Over roughly the last two decades, attitudes about long-term care have changed. One expert noted that the change started around the year 2000.

Generally speaking, it's something people think about more now than they have in the past. They're concerned, even worried. They're interested in planning in a way they weren't in previous decades.

The exact reasons aren't always clear. It could just be that it's building momentum. With the growth of the Internet, people have more information at their fingertips, and the rising tide of interest keeps spreading to more and more people. However, a few people who work in the industry pointed to these potential reasons:

  • Elderly individuals who are going through the process and running into issues, especially financial ones, want to talk to their kids so they don't face the same thing in 20 or 30 years.
  • The long-term care industry has changed and evolved. There are simply more options and more to think about.
  • The markets have seen periods of substantial decline. When things were more stable, people weren't as worried, but now they really have to work to make sure they're ready.
  • Modern medicine is better than it ever has been before. This means people are living longer. While that's positive, it can bring up new health questions, and it also means people simply need care for longer than they did in the past.

Have you been part of this increase in interest in the last two decades? If you have started thinking about long-term care and estate planning, it's important to know all of your legal rights and options well in advance.

Source: CNBC, "Considering long-term care coverage? Here's a reality check," Deborah Nason, Nov. 27, 2017

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