Long-term care is something most people believe they won’t need. In fact, a survey revealed that 76 percent of Americans don’t expect to need nursing home care. But the facts show a different story. One-half of women and one-third of men 65 years or older will need nursing home care. Between government-sponsored programs and private insurance, most Americans believe they will be covered for such care. But, the truth is, 39 percent of all long-term care ends up being paid by the patient or their family. With estimates placing these costs at $80,000 per year by 2010, the impact can be staggering.

While we would love our children to take care of us in our old age and offer the same care we provided them while growing up, they will be faced with pressures on their finances and their time that may make such arrangements unmanageable. As an alternative, many people today are considering long-term care policies. These plans are extremely flexible and offer a great many options on payment and types of benefits. Ultimately, they can put you in control of your own situation, protect the assets you have built up, and ensure you don’t feel as though you are dependent upon your children.

My goal is to keep you informed of the issues you are certain to face and offer you potential solutions that are available. Should you want to learn more about long-term care, for yourself or possibly a parent, please feel free to call me and we can discuss the matter.

P.S. Like other types of coverage, the premiums for new long-term care policies typically double between age 60 and 70, so planning ahead is of great importance.