The Issue:  Long-term care is a variety medical and non-medical services to help people with chronic illnesses or disabilities meet health or personal needs, including the activities of daily living: dressing, bathing, and using the bathroom. Long-term care services can be provided at home, in the community, and in assisted living centers or nursing homes.

What I Think: The need for long-term health care and related services is hardly rare; it can come at any age, and is virtually guaranteed!

But too many Americans misunderstand their eligibility for long-term care benefits, mistakenly believing the government picks up the tab from Day One. As a result, every year thousands of Americans finance long-term health care with their retirement savings, in effect, spending down most of their assets to qualify for federal welfare: Medicaid. No SBO I know would call that good business.

The more written about long-term care and long-term care insurance, however, the more people will understand the risk of the former and appreciate the value of the latter.

• Most people should make long-term care planning part of their retirement arrangements, or address it when working with an estate planner. But even for retirees, it’s still not too late to prevent potentially devastating long-term care crises.
• Long-term care insurance can protect business owners’ assets and provide peace of mind. Discuss with an experienced insurance agent whether “LTC” insurance is suitable for you, keeping in mind that no single LTC policy is designed to fit everyone. With an agent’s help, however, you can find LTC protection that fits your situation and meets your needs, at a price you can afford.

When should you buy long-term care insurance? As Harley Gordon, president of Corporation for Long-Term Care Certification, puts it: “The moment you become concerned over the cost of possible future long-term care and you decide that Medicaid is not for you.”

In short, as with most things, the best time to plan for long-term care is before you need it.

What Do You Think? Your comments are welcome. Have you registered?

Bill Willard is a freelance writer in Clearwater FL. He has been a high-impact writer and editor for over 30 years. In addition to his byline pieces, Bill’s beat includes ghostwriting and editing for businesses of all types and sizes, professional practitioners and individuals, and is a www.thefreestyleentrepreneur.com Contributing Author. Visit his Website: www.writergazette.com/WillardAssociates.shtml
Or contact him at billw15@verizon.net.

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