Long term care insurance protects your savings and assets choices for where and how you receive care

Long-term care can be an emotionally charged topic. After all, no one wants to think about themselves or their loved ones becoming incapable of living on their own or losing the independence that comes with performing normal day-to-day activities.

Long Term Care planning is about so much more than just purchasing a Long-Term Care insurance policy. In fact, Long Term Care insurance is not a one-size-fits-all solution. Just having insurance does not mean there is a plan, and conversely many people who decide that traditional insurance products are a poor fit often disregard further planning and miss out on many other planning options and benefits.

Planning for your potential extended care needs means that you need to decide how you want to receive care, the type of care you want, who will provide that care, grant permission for family members to provide care, and develop a way to finance the costs. In the absence of a plan, loved ones must put their busy lives on hold and become caregivers. In my experience, family and love ones should play an integral role in any Long-Term Care plan. Ideally, this role should be one of support, coordination, and overseeing of care services versus taking on the role of a primary caregiver.