The Need for Long Term Care Planning
According to surveys frequently conducted among the elderly, the most common answers would include the following three principal concerns:
Remaining independent in the home without intervention from others.
Maintaining good health and receiving adequate health care.
Having enough money for everyday needs and not outliving assets and income.
The need for long-term care is probably the most catastrophic unexpected event that could happen. This is because the need for long-term care typically removes any level of security an elderly person may have with the three major lifestyle concerns mentioned above.
With the need for long-term care the older person:
Has experienced a loss of good health
Uses up remaining assets and income
No other life event can be as devastating to the lifestyle the elderly are so concerned about maintaining. No wonder many elderly care recipients withdraw, become angry and depressed.
With advance planning the financial impact of long term care will provide comfort
security for the family and the elderly.