Why plan for long term care?

For most of us it just makes good sense to have plans in place to address the high costs associated with long term care.

Planning ahead for long term care is important because there is a good chance you will need some long term care services if you live beyond the age of 65. About 70 percent of people over age 65 require some long term care services, and the likelihood of needing long term care increases as you age.

You may wish to consider planning for long term care if it is important for you to

• not have to burden children or family with caregiving responsibilities
• protect retirement assets for you as well as possibly for a spouse or partner
• ensure that critical choices remain yours

"You don't wish to be a burden."

 Long term care planning means less emotional and financial stress on you and your family. It can provide a way to involve your family in long term care decisions without depending on them to bear the entire long term care burden alone.

"You want to protect your nest egg."

Long term care planning is important because the cost of long term care services often exceeds what you can afford to pay from your income and other investments. By planning for long term care, you may be able to save your retirement assets and income for uses other than long term care, including preserving the quality of life for your spouse or your partner. With long term care planning, there is a greater likelihood of being able to leave an estate to your heirs, because you are less likely to use up your nest egg paying for your long term care.

"You want to stay at home."

Long term care planning ensures your greater independence should you need care. Your choices for receiving long term care outside of a nursing facility and being able to stay at home or receive community-based long term care services are greater if you plan ahead.

3 stories of people that have planned for long term care.

Why people do not plan.

There are many reasons why people do not plan ahead for long term care.

First of all, it is natural for you to try not to think about the fact that you are getting older.  You may not like to think about aging and one day you might need to be dependent on someone for assistance.

Also, you may not understand how expensive long term care is today and the difficulty of qualifying for government assistance such as Medicaid to pay for long term care services.  Many consumer-related long term care surveys illustrate that it might be common for you to mistakenly believe that your health insurance or Medicare might pay for your long term care.

Lastly, your family find it difficult to raise important issues such as long term care planning with you. If you have children, they may be afraid of discussing long term care with you because they may be afraid of giving you the impression that they will not be there for you should your need for long term care arise.  You may not wish to discuss long term care with your children because you may wish to keep your finances private from your children or you may not wish to make your children uncomfortable.

LTC Partner believes long term care planning is important and has helped a number of clients plan for their long term care needs.  To find out more about long term care or to receive a long term care insurance quote please call us toll free at 1-800-891-5824 or complete your quote request form.  We will be happy to get right back to you.