April 1, 2010
Americans are largely independent folks who could not imagine a future where their independence is compromised because they require long term care as a result of prolonged illness or disability. Long term care refers to the wide range of medical, personal and social services a person may receive as a result of a prolonged illness or disability. It can include help with activities of daily living, home health care, adult daycare, nursing home care and care in a group living facility. On the average a person will have worked more than 30 years before they retire and will have accumulated a nest egg to support them during retirement as well as hopefully to pass on to their children and family as an inheritance. The thought of losing the independence they value or the funds they have worked so hard to put aside as a result of their needing long term care is a major concern of these folks and sound financial and estate planning can address this issue.
Part of the planning process can include the purchase of a long term care insurance policy which can protect the nest egg and provide a means to pay for the long term care expenses. This is the best way to protect the person from spending their resources on nursing home expenses and medical services. Long term care insurance is designed