Planning for how to pay for potential long term care costs is a necessity. As is the case with life insurance, the sooner you investigate long term care insurance as a part of your plan, the more likely you will be able to qualify based on your health. And, generally the younger you are when you apply the more affordable your premiums may be. The issue of funding the cost of long term care is at the forefront for states and the Federal Government. Tax advantages may be available for plans that qualify. Recently, Congress passed legislation expanding long term care Partnership Programs to all states that choose to participate.

Generally, a Partnership Program combines private long term care insurance and Medicaid. It allows people to help protect their assets while still remaining eligible for Medicaid. Planning for long term care is a complex issue. While long term care insurance is not the right solution for everyone; it may be the right one for you. When exploring your options, it’s important to work with an individual who specializes in long term care.

A licensed insurance agent may be able to make specific recommendations, that may be appropriate for your circumstances.

Long term care is not an easy subject to talk about. Many people tend to think they’ll never need long term care. People are living longer due to advances in health care and life-style changes. The longer they live, the more likely they will experience a need for care. An accident, illness, or disability may strike at anytime. If unprepared, the physical, emotional, and financial consequences can be severe to the person and his/her family.

Long term care is not just an individual concern, it is a family concern. Many people want to, and do, receive care at home. Care-giving demonstrates love and commitment that may be a rewarding personal experience. On the other hand, exhaustion, worry, inadequate resources, and continuous care demands may be extremely stressful on the caregiver.

Common options believed to address long term care needs are to:

• Rely on family to provide the care.
• Rely on government programs.
• Spend personal assets.
• Transfer some of the risk to an insurance company.

Some people think that government programs may take care of everything. In reality, government programs may not cover many options or environments for quality care. Moreover, eligibility for help through government programs may be restrictive and become even more difficult.

In contrast, long term care insurance may cover the types of care that you, or someone you love, may want.

Long term care may be among the most expensive care a person may ever need. It represents a significant threat to one’s estate and retirement planning. Disability insurance may replace a portion of one’s income when he/she is unable to work due to injury or illness – but it does not pay for the cost of care. Health insurance covers skilled care – not chronic, custodial, or long term care. Long term care insurance may not only provide benefits to pay for covered long term care costs, but it may also help protect assets in one’s retirement plans and help family members to provide care longer and better.