With the holiday season in full swing, Boston families will likely be spending time with multiple generations of relatives at a time. Many experts in long-term care planning suggest addressing the topic so that individuals who may need long-term care and their loved ones can be prepared if something happens. As individuals age, the likelihood for someone to need long-term care increases. One option is to purchase long-term care insurance.

This sort of planning may seem like an obvious choice, as no one wants to be hit with a massive bill in the future when they are incapacitated and incapable of paying it. But many families do not talk about long-term care until it is too late. According to the American Association for Long-Term Care Insurance, approximately 8 million senior citizens own insurance that covers such care. This is far less than the number of seniors currently living in the United States.

For those that do have this form of insurance, be sure to tell someone in a younger generation. The executive director of the AALTCI reported that some individuals do not know that their parents or grandparents have purchased coverage, and when it comes time to use it, the relative is unable to tell them about it. This sort of insurance provides the financial benefits necessary to keep a family's finances stable while still caring for their ailing relative.

If purchased, be sure to tell someone where it is located and what kind of policy it is. Take some time while relatives are visiting during the holidays to show them. It could give them less stress -- both financially and emotionally -- in the future. If insurance is not a good option, there are other viable options available, and discussing them with an experienced attorney could be a good first step.

Source: Kansas City infoZine, "Families Urged to Discuss Long Term Care Planning," Jesse Slome, Nov. 25, 2011