LONG TERM CARE – WHAT IS IT AND WHY DO I CARE AT MY AGE?
Most people look at Long Term Care as something that they may need to worry about in the way, way distant future. But the fact is that approx. 40% of people who are currently receiving LTC are between the ages of 18 to 65.
These are working age people who have suffered brain injuries, mental conditions, MS, MD, Aids, and early onset dementia cause by Alzheimer’s disease.
So, the question becomes, “when do I need to think about this issue”, the answer is, TODAY.
When your needs exceeds the normal care required to recover from an illness or surgery, it is classified as Long Term Care, and it can happen to anyone at anytime. It is normal to think that this will only happen to the other guy. That is why most people don’t plan for such an event. But, what if you are the other guy?
Paying for a long term care event can take many forms, such as using savings, investments, family, inheritance or insurance. Each of these methods has costs attached to them. The cost of not planning will leave your care choices up to other people, like family, government or public assistance.
There is no right or wrong method of planning but there is one constant. Planning will give you choices, choices like staying in your own home, where and when to receive assistance and the choice of where you can go for care. If you fail to plan, you really are planning to give up these important choices.
Kenneth N. Scopp, CFP, CSA, CLTC
First Financial Resources-Santa Monica