How do people plan for future financial cost of care?

1 answer | Last updated: Oct 06, 2016
A fellow caregiver asked...

How do people plan for future financial cost of care?


Expert Answers

Kay Paggi, GCM, LPC, CGC, MA, is in private practice as a geriatric care manager and is on the advisory board for the Emeritus Program at Richland College. She has worked with seniors for nearly 20 years as a licensed professional counselor, certified gerontological counselor, and certified geriatric care manager.

Best solution is to purchase a long term care insurance policy as early as possible, hopefully in your 50's. It is impossible to know what to prepare for - we all age differently and have different genetics and lifestyles. The only assumption you can make is that you will need care at some point in your future. There are a few fortunate exceptions, but they are the exceptions, not the general experience. Your hope is not to need to use your LTC policy. Most people carry car insurance, and you hope never to use it. But when you need it, you are very grateful for it. The same is true for LTC insurance.