The financial instability seen during the past decade has left many people - elderly and otherwise - unsure of the future. Though planning was performed, many in Massachusetts are still anxious about what their plans will truly protect them from. One of the major holes in those protections is a lack of long term care planning, something that many people will need to do if they plan to financially survive a debilitating condition without severely affecting their loved ones.
Experts often suggest considering long term care insurance. With this sort of insurance, individuals pay a monthly cost to cover any sort of ailments that may cause them to need long term care. This sort of coverage can be expensive, but so can long term care in itself. Those that try to get coverage later in life find that the costs are much higher than they would have been had the insurance been sought earlier in life. This makes sense from the provider's point of view because the older a person is, the more likely she or he will need such care.
Many of those without coverage, or any long term care planning at all, have found themselves struggling to cover the costs, often milking their estates dry of assets and wealth to the point that there is little to bequeath. This renders the major reason that people make estate plans rather pointless - what's a will without anything to give to your loved ones?
According to estimates from the U.S. government, roughly seven of every ten people will need long term care after the age of 65. This means that more people should begin planning and soon. One of the many issues that people need to overcome is being able to see themselves as potentially incapacitated in the future. This image and the repercussions associated with such a situation have convinced many individuals to begin making appropriate plans.
Source: Capital Gazette, "Long-term care financial impact can be overwhelming," Feb. 21, 2013