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Protect yourself and your loved ones with LTC Planning

Growing old certainly has its challenges. And as a person ages, their wellness is also affected, ultimately leaving many elderly folks in need of assistance. While having family and friends to provide aid for an aging individual is often possible, as the person grows older, they may be in need of constant help and monitoring. Twenty-four-hour care, or long term care, is often necessary for such elderly folks. Such care is often very expensive though, and could possibly drain the assets and property of someone who spent their life growing a nest egg for their next of kin.

To avoid losing all your assets to pay for long term care, one must look at a few potential options. It is best to consider these options as soon as possible, as the longer you wait, the harder it may be to get the benefit of them. It's often best to consider these options carefully before the need arises, so that you are prepared if and when the day comes that you or your loved one needs long term care.

Having a strong retirement savings is obviously the best case scenario, but for many Americans, this is not possible. Government funded Medicare and Medicaid may also help, but one must meet certain requirements for Medicaid. Long term care insurance is another possible option; you will pay a premium for the duration of the insurance policy, but when you need the financial aid, it will help.

There is no right answer for everyone, as every situation is different, and every person's need varies.

In order to determine the best way to proceed when dealing with your individual finances, as well as your specific health care directives, you may want to speak with a lawyer for help.

Source: findlaw.com, "Planning Long Term Care," Accessed on Oct. 18, 2016

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