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Most Americans today begin thinking about long term care in their late 50’s and early 60’s.   This is partially true because life expectancy In the United States grows every year and with age, comes the need for assistance.   Another reason is personal experience.  It is around this time when we see our parents or other family members develop a need for long term care.  However, the biggest contributors to the trend are insurance advisors and internet articles that tell us to begin the long term care shopping process in this phase of life.  Sadly, poor information has and will continue to cause financial hardship, estate planning issues and emotional stress to families when long term care becomes a necessity and the family is unprepared for what they are about to endure.  

The advice to “start looking” for a LTC policy in our late 50’s and early 60’s is misguided and ineffective for the majority of Americans.   Trusted professionals don’t intentionally cause harm, rather they don’t truly understand the quickly growing need for senior assistance, the long term care underwriting process or have the ability to foresee exponential rising health care costs.  

Fortunately, we now understand the dilemma and can prepare for it in a multitude of ways.  The first layer of protection is a long term care policy, which can transfer a portion or all of the risk to an insurance company for qualified applicants.  This article will address understanding the need for long term, how to navigate the LTC insurance policy landscape, alternative strategies to preserve our assets and the emotional impact when we are unprepared.

You can navigate through this article with the options to the left to learn more about long term care insurance and how to manage your family’s risk. You’ll discover:

         -  Probability and cost

         -  Your asset exposure

         -  The dilemma of self-insuring

         -  What to look for in a long term care insurance policy

         -  Who will need LTC Care and what types of care exist?

         -  Rising insurance costs and underwriting

         -  Alternate strategies to consider

         -  When our children become our caregivers