Sobering Facts Make Long-Term Care Planning Essential. Several Ways to Plan.

It is hard to avoid the problem of long-term care these days. Longevity means more American families will have to address the costs and burdens of changing health and aging.

Very few people want their children to become their future caregivers. Yet, that is precisely what happens when no planning is done before you get older.

When you need long-term health care, it will be a cash flow problem and a family problem. You can mitigate the consequences that the costs and burdens of aging will have on you and your family by planning now. Without planning you can face economic uncertainty and family stress and anxiety.

Care Costs Can Be Catastrophic 

If you have savings, you should be considering the economic impact of long-term health care. The LTC NEWS Cost of Care Calculator shows you today's costs where you live and the cost in the decades to come. 

If you are 55 years old today and need long-term care services when you are 80, the costs can be devastating to your income and assets. It will change your spouse's lifestyle and legacy. 

For example, let's say you live in the Dallas, Texas area; one year of in-home care today runs over $48,000 a year based on a 44-hour week. However, the LTC NEWS Cost of Care Calculator for Dallas says that cost should run over $102,000 a year in 25 years. That is expensive, but Texas is an affordable state. If you live in Massachusetts or California, for example, those costs will be even more!

Do not forget, assisted living, memory care, and nursing homes will cost even more. How would that affect your budget? How would your need for care impact your family?

These facts are sobering. The consequences are undeniable. Planning is imperative. There are several ways to plan for future long-term health care costs.

Types of LTC Products Available

There is traditional Long-Term Care Insurance. These products, in 45 states, can be partnership certified. Partnership Long-Term Care Insurance offers dollar-for-dollar asset protection. For many families, Partnership LTC Insurance is the best option.

However, with record-low interest rates, some people have money parked earning next to nothing. Asset-based or 'hybrid' Long-Term Care Insurance could be an option to consider. You can leverage an existing asset, safeguard the remaining assets, and ease the stress and burdens otherwise placed on your family. You will either have long-term care benefits giving you access to your choice of quality care, including in-home care - or your heirs will get the death benefit.

Then there is another choice which is especially popular for people with health issues or who are older. Limited duration or short-term care insurance offers one or two years of care. While it has limited benefits, the underwriting is much more open, and you might qualify even with some health problems that make you uninsurable with traditional plans. 

Reverse Mortgages Can Fund Insurance or Care

If you are age 62 and older, a reverse mortgage could be a solution for either funding a Long-Term Care policy or providing money to pay for care. For some people, especially those who have most of their assets in the value of their home or who are already experiencing substantial health problems, a reverse mortgage might be ideal. Today's reverse mortgages can provide tax-free funds for income, care, or even fund the cost of Long-Term Care Insurance. Learn more by clicking here. 

Planning Early Makes Sense

It is always best to plan when you are younger and still enjoy relatively good health. Experts suggest planning in your 40s or 50s. Premiums can vary over 100%, so be sure to speak with a Long-Term Care Insurance specialist who represents the major companies. 

Find a licensed and qualified specialist by clicking here. Having some plan in place will make getting older easier on those you love.