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Eldercare & Long Term Care Planning

Based on some findings, 60% of the population will be needing some form of long term care sometime during their lifetime. Because of that, it is essential to prepare for the possibility of needing extended care in the future.

No other event can be as life-changing or devastating to an elderly’s financial security and lifestyle as needing long term care. It can alter, in so many degrees, the three main retirement dreams of elderly Americans:

1. Being independent
2. Being healthy and receiving enough health care
3. Having enough money for daily needs and not depleting financial assets

The sad reality is, majority of the American public undermines the importance of long term care planning and does not prepare for the devastating crisis of needing eldercare during their retirement years. This lack of planning can have a negative effect on the older person’s family, in relation to time, money and lifestyles. Worst of all, it can impact the family’s emotional health.

Due to the changing demographics and changes in government funding (i.e. Medicare), members of the baby boomer generation, without a doubt,  need to plan for long term care before the elder years are upon them. Without the necessary preparation, you may end up in a financial disaster.

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