In less than 20 years, the number of persons over the age of 65 is expected to double, and none of us are ready. While the baby boomer generation is getting older, retirement expenses are increasing and surpassing inflation expectations. Procrastination is no longer an option.

Plan Now For Long Term CarePeople are living longer and longer, which equals a need for more care and the finances of those in needs are simply insufficient. According to the U.S. Department of Health and Human Services, at least 70% of people over age 65 will require some long term care services at some point and more than 40% will need to pay for a nursing home. Without long term care insurance, those costs must be paid out of pocket and the rates can be astronomical. The national average median cost of one year in a private nursing home room is $74,208 according to the Genworth Financial Cost of Care Survey, conducted in April 2009.

Long Term Care Insurance

Long term care insurance is one of the few options that can assist in caring for aged persons while they may not be in critical condition, but still need assistance. Long term care is one of the most pressing issues facing Americans today because of the great expense it incurs to those who are not prepared adequately.

Don’t make the mistake of thinking that it won’t affect you, it will never happen to you, or you don’t need to worry about it now. The only way to have peace of mind is to implement a plan of coverage early, so it’s available to use later.

Having the right plan in place now can help ensure you and your loved ones have the financial resources to live comfortably and provide them the options and flexibility when making choices that impact their care in their golden years.

Plan Now to Save

The best time to make these decisions is while a person is healthy. Waiting too long may lead to an “it’s too late” scenario. The best rates and most options are available to those who are young and healthy.

In addition, these decisions are more easily made when emotions are not involved and no immediate deadlines are pending. Planning now for long term care will help protect your life savings, keep your family and children from spending all they have for your retirement home, and ensuring adequate and comfortable care.

Be Prepared

As loved one’s age, their health can change overnight. It’s better to have long term care plans and insurance in place prior so you don’t end up crunching the numbers in a hospital waiting room hoping to make ends meet. At that point it may be cost prohibitive or simply may no longer be an option.

Preparation for the future is a part of life. When we are young, we prepare to grow up and go to college, we prepare for marriage, and we prepare for having children. It is just as important now to prepare for the future of aging.