Why Clients Put Off Long-Term Care Planning

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An essential component of planning for retirement and old age is building financial resources to pay for long-term care (LTC). Yet having enough money is not automatically a guarantee of getting the best care you need when you need it.

The biggest problem is availability. Independent- or assisted living facilities often have waiting lists that are months or years long. If you need a unit immediately, you may have to settle for the first one available. It may be miles away, expensive, poorly staffed, or not well-suited to your needs.

LTC is largely a known need. Chances are high you will need it. According to the Administration for Community Living (ACL), about 70% of people who turn 65 today will need some type of LTC in their remaining years. This includes about 20% who will need nursing home care and 50% who will need care in an assisted living facility or in their own home.