When people marveled that medical scientists had grown human hair in a test tube, my reaction was, “now all we have to do is figure out how to attach a test tube to a person's head so that it looks natural.” And while we can thank these same scientists for significantly extending our life expectancy, they also don't have too many answers when it comes to providing the quality healthcare we'll need as a result from these longer lives.

Long-term care is something most people believe they won't need. In fact, a survey revealed that 76% of Americans don't expect to need nursing home care. But the facts show a different story. One-half of women and one-third of men 65 years or older will need nursing home care. The biggest surprise to these people has been that they believed that between government-sponsored programs and private insurance they would be covered for such care. But the truth is 39% of all long-term care ends up being paid by the patient or their family. With estimates placing these costs at $80,000 per year in the year 2010, the impact can be staggering.

While our children would love to take care of us in our old age and offer the same care we provided them while growing up, they will be faced with pressures on their finances and their time that may make such arrangements unmanageable. An alternative many people are considering today is long-term care policies. These plans are extremely flexible and offer a great many options on payment and types of benefits. Ultimately, they put people in control of their own situation, protect the assets you have built up, and ensure you don't feel as though you are dependent upon your children.

My goal is to keep you informed of the issues you are certain to face and offer you potential solutions that are available. Should you want to learn more about long-term care, for yourself or possibly a parent, please feel free to call me and we can discuss the matter.

P.S. - Like other types of coverage, the premiums for new long-term care policies typically double between ages 60 and 70, so planning ahead is of great importance.