Others say planning for long term care is important

The May 2011 issue of Kiplinger’s Personal Finance includes a guide for Long Term Care planning. This note shares a couple questions and answers from the guide:

Why is planning important?

“For millions of Americans, celebrating an 80th, 90th and even 100th birthday is increasingly likely. When you live a long life, there is a very high risk you will need the type of care that’s referred to as long-term care.

Needing long-term care places an enormous emotional and physical strain on loved ones and family members. That’s why having a plan is so important. Incorporating long-term care (LTC) insurance into your financial plan can help you protect your assets. It can reduce the burden of care that would otherwise fall on family members and enable you to receive care in the setting you most prefer, including your home.”‘

What’s the best age to start planning?

“You will never be younger or healthier than you are today. That’s the reason to start planning now when you have the most options. The average age for new individual long-term care insurance applicants is 57; an age when many are able to qualify for good health discounts. The discount reduces costs and remains even if your health changes.”

The guide also provided some facts related to the number of applicants rejected because of their health situation:

 14% of those between 50 to 59.

 23% of those between 60 to 69.

 45% of those between 70 to 79.


Additional information on planning in case long term services and support are needed can be found on: