Most people don't want to talk about a topic that is so heart wrenching but just like planning life insurance you should be planning long term care as well. Not just for yourself but for your parents and in some cases your children as well. When my daughter was born with this heart issue I didn't know what I was in for. Her condition is nothing like what some parents have to go through but sometimes life throws you curveballs and need medical help caring for your children.
It seems like our generation lives in the now. We spend money now, we deal with health issues when they arise and don't think much about the long term. I am guilty as charged. God forbid anything happens to someone in our family right now because there would be nothing we could do financially. Most people aren't aware that Medicare doesn't pay for Long Term Care. Making sure that you are prepared for the unexpected is very important. Looking into Long Term Care Insurance is one of those costs.
Get on the ball with speaking to a Retirement Advisor about your options not only for yourself but if your parents don't have coverage check on it for them also. The average cost of a year in a private room at a nursing home in 2011 was $77,745, according to Genworth. That is more than some families make for themselves. The other statistics and options are lower than a nursing home.
As I mentioned before you never know when something unexpected in going to happen. Whether its yourself, your children or your extended family. Check your options early so that you know how to prepare. If you know that cancer, heart disease or other genetic conditions are already in your blood line it's even more important. Breast cancer runs in my family and I've already started looking into Long term / “cancer” policies that offset the cost of life saving treatments. No one wants to think about it until you are faced with it head on. Then it's too late.
Information contributed by Genworth Financial