Allen & Co. News

Long Term Care...Option or Necessity?

7/15/2010

In November of 2001, my mother passed away from Multiple sclerosis at the young age of 54. During the final years of her life, she was placed in a nursing home requiring full time care. This was a very emotional and difficult decision for my family. The financial consequences of my mothers long term care added to the emotional stress and put a significant burden on the family.

Our family was not prepared for the financial ramifications of her LTC care needs and that, added to the emotional stress, took years to overcome. Unfortunately, we were not in the minority in our circumstances. During my career as a Financial Advisor, I have seen clients and other families struggle with the same challenges we faced in our family related to my mothers care.

According to the U.S. Department of Health and Human Services, approximately 60% of individuals over the age of 65 will require at least some type of long term care services.

The number of people age 65+ needing LTC is currently estimated to grow from approximately 6 million to 10 million by the year 2050. These statistics are sobering to say the least. My personal experience with this issue has made me review my own need to protect my assets and plan for the future with a broader vision.

I think it is important to ask yourself what would you do if the need for long term care arose and more importantly would your assets be protected? How would this issue affect your familys financial security? These are tough questions, but coming from personal experience ones that you should be addressed before the issue arises.

Your Allen & Company Financial Advisors can help you review options that may offer solutions to help you pay for long-term care. If you havent had a conversation with your family or Financial Advisor regarding this issue then make an appointment today.

Author - Financial Advisor Steve McTaggart has been with Allen & Company since 2005 and his office is located in Allen & Companys Lakeland location.

For additional information on author Steve McTaggart or the services Allen & Company offers visit our website at www.AllenInvestments.com