Of course risks vary from person to person, family to family. However, there are basic risk factors than can affect us all. These are:

• Family health history – a history of longevity, dementia, cancer or heart disease can impact your risk
• Age – the risk generally increases as you age
• Marital status – single individuals are more likely to need professional care
• Gender – since women tend to live longer, they are at higher risk for needing care
• Lifestyle – poor diet and exercise habits, or the existence of a chronic illness such as diabetes can increase the risk of needing professional home or facility care

Questions to Ask Yourself

• If you were faced with a long term care need tomorrow, where would the money come from to pay for it?
• Have you had a discussion with your children/spouse about how long term care services would be provided and paid for if you needed care?
• Do you really want to place the emotional and physical burden of long term care on your family and loved ones?
• How would you feel if your spouse needed care and the resulting costs left you impoverished?
• Do you have children to take care of you? Would they do it?
• Which of your children could afford to quit her job to care for you?
• If your adult child must bathe you, how would that affect your relationship?
• Does the idea of being unable to control who cares for you frighten you?
• Does the idea of having to move to a nursing home because that’s all you can afford frighten you?

No one wants to think about a time when they might need critical or long term care, for themselves or for loved ones. So planning ahead for these possibilities often gets put off. Most people first learn about the health care system care when they or a loved one need care. Then their options are often limited by lack of information, the immediate need for services, and insufficient resources to pay for preferred services

By planning ahead with the help of your financial advisor, you can be assured that you have the funds in place and the questions answered.  Having a plan ahead of time is the best gift you can give yourself and your loved ones.