Long term care (LTC) is a growing problem that families have to deal with. And with growing numbers of retirees, the problem is only getting worse.

Think about it. If you have to take care of the parents while having a job and family, it can be a huge burden. Many people may have to quit their job to care for their parents. Even elderly persons who lack money and assistance have to take care of their spouses, and they are not physically or mentally capable to handle it.

LTC is one of the major types of protection planning for your future or for your aging parents. For most of us, LTC is not an issue of “what if” it will happen but rather when it will happen. The sooner you have this protection, the better because you never know when something will happen.

Who needs Long Term Care? There is a good chance you do.

• 70% of people over age 65 will require some LTC services.
• 40% of those receiving LTC are between 18 and 64.

The cost of LTC is astounding. The average annual cost of a nursing home is $83,580.

The cost is lower when you are younger.

Health insurance or Medicare can help pay the cost of immediate medical expenses but not for the long term care of chronically ill people.

LTC pays for the insured who becomes chronically ill, which is defined as the inability to perform at least two of the following activities: bathing, continence, dressing, eating, toileting, and transferring.

You can purchase LTC as a stand-alone policy, or you can buy it as a rider in an insurance policy.

Take care of your LTC because you won’t want to be a burden to your loved ones.

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