Long Term Care Planning: the last piece of the
senior planning puzzle

By the time they get close to middle age, most working people know they need to think about three things that will affect their security once they retire. The biggest is often believed to be health insurance. Since Medicare is paying less and Medigap policies—because of having to pick up the slack—are getting more expensive, many people stay with a job they don't like all that well simply because they believe they will have health insurance when they retire. Hopefully, their companies will not let them down.
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The second piece of senior planning is retirement income. Individuals in their 40s and 50s often start pumping money into 401K plans because they realize that Social Security will not be enough to enable them to maintain anything more than a poverty-level standard of living. Companies that promise handsome retirement pensions have as much retention power as those that promise retiree health insurance.

The third piece is life insurance—or money for final expenses. People who have been properly informed try to lock in a good life insurance policy while they are young. It is even possible to have a policy that is paid up by the time you retire.

The piece of senior planning that is often over looked is Long Term Health Care (LTC), sometimes called "extended care" or "nursing home insurance." Due to advances in medicine and technology, people are living well into their 80's and 90's where once the life expectancy was the late 60s. Unfortunately, with long life, the medical community has also seen a radical increase in age-related diseases, such as Alzheimer's Disease, heart conditions, debilitating arthritis, and a host of other ailments. You can plan very carefully and try to stretch your retirement income to cover the years you once would not have had, but if you suddenly need care, you will very quickly discover that you have outlived your retirement funds.

The national average for nursing home care is about $72,000 a year. Unfortunately, Medicare will not pay it, and the laws have been changed so it is increasingly difficult to qualify for Medicaid. You may think you will just have to depend on your children—but there is no guarantee that your children will outlive you. Furthermore, the emotional, physical, and financial strain on children who have to take care of aging parents is so great that more the 65% of the caregivers die before the person they are caring for.

Finally, in most states, if you are unable to pay for needed care in your senior years, the state itself becomes primary beneficiary on your estate—which includes everything from the family home to your savings accounts, and even your life insurance. Is that the trauma you want to leave to your loved ones.

Long Term Health Care Insurance can provide years of coverage, sparing your family much heartache and expense. It is also very affordable if buying when you are in your early 50's or even into your 60s. Contact a reputable agent today who will customize a plan that would fit your needs.

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