The numbers are staggering.  At least one in two of us — that is you and me – are going to require long term care at some point in our lives.  I would doubt that half of those reading this have a plan in place for their long term care.    

Most of my clients are going to require long term care.  And yet when I ask whether they have a plan in place, the vast majority indicate that they do not.  Let me point out the flaw in the inactivity.

Here are a few numbers.  For a couple turning 65, there is a 70% chance that at least one of them will need long term care.  The percentages obviously increase as the couple ages to the point that for those people over age 85, 97% will require assistance in the last year of life. 

Long term care is not cheap.  Some are estimating that by 2018, a private room will cost $500 per day.  Twenty-four hour care in the home will cost approximately the same.

Long Term Care is defined as when a chronic condition, trauma, or illness limits the ability to carry out activities of daily living (ADLs) which may include bathing, dressing or eating or instrumental activities of daily living (IADLs) which may include household chores, meal preparation, or managing money.

For those over age 50 (I realize most 50 year olds are thinking that they are too young to be thinking about long term care), ask yourself the following questions:

If you ever need long term care, where do you want to receive it?

Who will provide that care?

Are there potential care providers?  Are there arrangements that can be successfully implemented?  For how long?

How will you pay for it?  (Do you have savings?  insurance? government assistance?)

Is your home safe for you to stay in if you require long term care?  If not, can it be made safe?

Will you have to move?

Have you looked at retirement communities, assisted living facilities and skilled nursing facilities in your community?

If you have not developed answers to the above questions by the time you require long term care, there is a large chance that others will make the decisions for you.  Some people are fine with that, but others given the choice will want to decide for themselves.

Meeting with your estate planning attorney is an important first step in analyzing the issues as they relate to you.  The estate planning attorney will make recommendations based upon your situation.  He/she may then suggest speaking to a financial planner and/or insurance professional.