Who’s Too Old To Plan His Long Term Care?

elder care planningIf you know of anyone who hasn’t completely understood long term elder care planning for elders and therefore has yet to work out a good plan, be kind enough to guide him or her to the experts.If that person is your mom or dad, uncle or aunt, you will definitely recommend her to someone who is well-versed in the long term care industry, wouldn’t you? On the other hand, if she’s not family but you somehow know her on a personal level don’t you feel the urge to protect her from the damaging costs of care?

It does not pay to mind your own business in the area of LTC especially if people you know or love are at risk of losing everything that took them years to acquire. You are not being advised here to help them out financially but have the courage to talk them into planning their health care needs which may probably occur 10 or 20 years from now.

So many senior citizens have admitted that they regret not applying for a long term care insurance (LTCI) policy when they had the chance to. Now that their health has changed and they have started to manifest symptoms of a serious illness they worry about their LTC expenses. Perhaps having coffee with an elder care specialist will somehow enlighten them on the possible options which they can consider. Surprisingly, an LTCI policy is one of them.

According to renowned LTCI specialists the prevailing misconception about LTCI policies is that once an elderly person acquires a health disorder he will no longer be eligible for coverage.Perhaps people should finally put an end to this myth as it will only hinder them from securing an effective LTC plan. Notice the adjective effective back there and the reason behind its usage is the fact that not all LTC plans are effective. If a person still winds up using all of his assets despite having planned his LTC, then that clearly indicates that he chose the wrong plan.

Long term care planning is not a complex matter but neither is it simple. For one to be able to come up with a good plan, he has to work closely with his family, doctor and a financial planner.

Family comes first on the list because when the need for care arises, a person will turn instantly to his loved ones for support. But he does not have to wait for that need to show up as he can seek help from them now as he plans his future. If he does not plan with them today, he will only make their lives miserable later on as he will no doubt turn out to be a burden.

Doctors, on the other hand, do not just cure people of their maladies. They help people recognize their present and future health care needs by examining them rigorously.

Individuals who wish to preserve a substantial amount of their assets should definitely consider a financial adviser. However, if you are looking for someone who is not only adept in organizing financial matters but who also specializes in long term care planning for elders, you need to speak with a licensed LTCI broker.