Long term care, an unpleasant condition many like to believe is something which happens to others. This false belief allows us to easily put off planning for it. The reality is, no one can be guaranteed of not needing long term care during their life time. Anything can happen to anyone at any time making them dependent on long term care.

There are two main reasons why even the very rich can end up in nursing homes. Assets can quickly deplete as long term care is very expensive. There is a financial incentive for the heirs to your estate to put you into a nursing home so that their inheritance is saved. It is perfectly legal, though unethical, for someone to get a power of attorney and for your own good, take control of your assests. They have the right to move you into a nursing home and bear the expenses for five years and then put you on Medicaid.

With a LTCI policy in place you will have a professional planning your care at home and giving you advice about your sickness, injury or condition. In a situation where you are forced to seek long term care, you will be thankful that you had planned for it.

Years ago it was an unspoken understanding that children would take care of the mental, physical and financial needs of their aged parents. This is not always possible in today’s world. No matter how much we love our parents, good intentions alone are no longer just enough. Your spouse and children may need to consent having grandpa/grandma moving in and be willing to share responsibilities in caring for him/her.

No one person wants to or will be able to be take full responsibility of providing care round the clock. Responsibilities and chores need to be shared and not everyone will be willing to make sacrifices. Reality hits hard when questions regarding his/her condition begin to be discussed – can he/she walk to the bathroom? Will he/she need help bathing? Will he/she remember to take the right medications at the right time? Will he/she require specially prepared food? Will he/she be able to eat independently?

It becomes necessary to have all family members understand their specific chores and duties going forward. They also need to be aware that this could be a fairly long arrangement and may not end in a few days or even a few months. All the love and kindness in the world may not be enough when an adult becomes equivalent of child demanding constant attention living under the same roof.

If parents think that you or another sibling will assume full responsibility when the time comes, it’s wise to make them aware that this may not be the best option. Its time to plan ahead and make decisions regarding long term care and long term care insurance. Knowing what options exist will allow everyone to plan accordingly and have some semblance of peace of mind in a very stressful situation.