Many Americans Laying Plans for Their Senior Years

When it comes to planning for later in life, people have many things to consider, from long term care insurance to wills and other financial arrangements.

In fact, a recent survey from Thomson Reuters finds that 57 percent of Americans have made their preferences known for their eventual end-of-life care needs. Among those above the age of 65, that number climbed closer to 75 percent.

The vast majority of people who did convey their end-of-life preferences - 87 percent - said that they did so informally to friends, family and loved ones. Only about 50 percent decided to employ a healthcare power of attorney, while about 60 percent said that they have a living will. Younger adults were more likely to go with informally communicating their preferences.

With people living longer than ever and with nursing home prices only heading upward in recent years, it's crucial for people to remember long-term care insurance when planning for their retirement and senior years.

This is especially important when considering how Medicare does not fully fund many of the healthcare requirements - from nursing homes to home health aides - that some people will need in their later years.