Disability is a reality that most people will face at some point in their lives. With alarming statistics highlighting the prevalence of disabilities, it is crucial to plan for such situations. This article brought to you by O’Connor Elder Law Reporter provides an overview of disability statistics and explores various planning options.

Statistics show that approximately one in three Americans will experience a disability lasting at least 90 days before reaching age 65. Moreover, up to 44% of Americans may face a disability lasting up to 4.7 years, making disability more likely than death. Surprisingly, over 50% of disabled Americans are of working age, from 18-64.

Long-term disabilities are unfortunately common, with many individuals requiring extended care. In 2018, over 5 million Americans received long-term home health care services, with 51% needing assistance with daily activities. The average duration of service was over 300 days, and the majority of in-home patients were 65 years or older. The need for long-term care is expected to increase as the aging population grows.

Alzheimer’s disease is a significant concern, with a growing number of cases. The disease has experienced a sharp increase, while deaths from other causes such as prostate cancer, breast cancer, heart disease and HIV have declined. Estimates suggest that 5.3 million Americans have Alzheimer’s, with the number projected to reach 7.7 million by 2030. Caregivers for individuals with Alzheimer’s are also at risk of developing health problems due to the stress and demands of caregiving.

The cost of long-term care can be staggering. Assisted living, nursing home care, and home health care costs continue to rise. For instance, the average annual cost for a private room in a nursing home can exceed $90,000. These costs vary by region, emphasizing the need to consider the expenses associated with the specific location of care.

Despite these compelling statistics, most Americans underestimate the risk of disability for themselves and their loved ones. Many are unprepared to cover the high costs of long-term care.

Long-term care insurance can help mitigate these costs, but it may not be available or affordable for many older Americans. In such cases, it is crucial to engage in proactive planning to protect your life savings from depletion. An elder law attorney can assist in developing a plan that safeguards assets and ensures care needs are met.

Disability planning should also address decision-making during incapacitation. Establishing powers of attorney and healthcare decision-makers is vital to avoid guardianship proceedings and ensure that personal and financial matters are handled appropriately.

In conclusion, it is essential for individuals and families, particularly seniors, to engage in comprehensive planning to prepare for the possibility of disability. Consulting with a team of professional advisors can help tailor a plan to meet specific goals and ensure all aspects of potential disabilities are addressed. Our firm is dedicated to helping seniors and their loved ones work through these issues and implement sound legal planning to address them. If we can help in any way, please don’t hesitate to contact our office.