But while accurate and striking, these statistics are also misleading. In 1900 life expectancy statistics were heavily skewed by high rates of infant mortality. To illustrate this, if two babies lived to age 83 and another lived less than one year, the average life expectancy for that group would be only 55 years. At the turn of the century, 10% of infants died before their first birthday. So it's not that most people dropped dead on or about age 55. Many lived much longer. In fact, on average, we can calculate that those people who survived infancy lived approximately 10 years longer than the 55-year life expectancy.
Today, we are not only living longer, many of us are living with conditions that would have killed us years ago. Our ability to manage chronic diseases, such as kidney and chronic obstructive pulmonary disease, has improved dramatically and future medical advances are likely to increase this phenomenon.
Financial planning and retirement scenarios typically project life spans of 85, 90 or even 100 years because increasing numbers of people are likely to live that long. But when was the last time that you saw a 90 or 100-year-old person in the grocery store, or at the movies, or driving down the road? It’s unusual, and the reason is obvious: their mobility, and ability to do what they once took for granted, is limited.
Most everyone agrees that it's smart to have a will, and perhaps even a trust and a prepaid burial plot. But with more of us living longer, and with more of us doing it with chronic disease, I would argue that it’s even more important to plan on living and to plan ahead for extended long-term care. Long-term care doesn't have to be a complicated or unpleasant subject. Taking responsibility for your own health and welfare can help you avoid years of poverty or substandard care.
Dorothy McMahon is a Long-Term Care Insurance Specialist who has been helping Michigan families for many years. Contact her with questions and concerns at (248) 844-9787 or LTCINSUSA@aol.com.
