Not many of us like to think about getting old or becoming ill and not being able to care for ourselves. In fact, most people interested in Long Term Care Insurance are the people that have experienced the cost and care needed with a family member or loved one.

Long Term Care is when someone needs assistance with 2 out of the 6 activities of daily living: bathing, dressing, toileting, transferring, eating and continence, and can be received at home or in a facility.

The current statistics are that 70% of Americans 65 and older will need LTC sometime in their lives, however, less than 10% have planned for it.

Most long-term care expenses are not covered by Social Security or Medicare, Medicare Supplement (“Medigap”), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to “spend down” most of your assets on health care.

Planning for LTC should be an integral part of every retirement plan. Recently, Hybrid LTC/Life/Annuity plans have been developed to leave a legacy for your family while keeping your money safe and paying for LTC with pennies on the dollar.