For most of us the conversation isn’t whether or not we’ll need long term care, but rather when. According to the U. S. Department of Health and Human Services as many as 70% of those turning 65 years of age are likely to require long-term care, meaning that it probably makes sense to start planning for this as an eventuality rather than a possibility.* Professional help with daily tasks like bathing and eating doesn’t come free, and knowing we are likely to need this level of assistance at some point in our lives doesn’t make it any easier to plan for.
Paying for such ongoing medical and personal care out of pocket is often prohibitively expensive and current laws are written so that the state will usually only step in once you’ve exhausted the bulk of your assets. With no long-term care bailout on the horizon now is the time to make a plan for this important reality.