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Don't Ignore the Risks of Long-term Care

It's well-established that people are living longer these days. Of course, that's a good thing, but there is a potential downside to this benefit: Your family may face devastating consequences-both financial and emotional-concerning the long-term care of elderly relatives. Since the risk of needing long-term care increases with age, it is important to plan for your care needs now, while you are younger and healthier.

Background: Long-term care is the type of help people need when they are unable to perform activities of daily living such as eating, bathing and dressing. Typically, it is not provided by doctors or by skilled nursing professionals. Long-term care doesn't try to cure an illness.

Frequently, it is assumed that long-term care means care in a nursing home. While some people do require such specialized care, most long-term care takes place in the home and community. Family members, adult day-care centers and assisted-living facilities are among the most common care providers. Long-term care is not defined by the setting in which it takes place, but by the type of care that is needed.

The family dynamic today little resembles that of even a generation ago. Children may live half a world away, single-parent homes are more common and more women are finding success and financial rewards in their careers. The safety nets that many relied upon in the past-such as family caregivers-may no longer be realistically available to those requiring care.

Long-term care impacts the entire family, not just the person who needs care. A family member-usually, a middle-aged adult with children of his or her own-often takes on the role as unpaid caregiver for an aging parent or spouse. These caregivers typically must make adjustments at work and in their careers, such as taking leaves of absence or turning down promotions, in order to provide the needed care for an ailing relative. If you are a caregiver, this may also have an impact on your own family life and overall personal health.

By planning ahead now-while you can-you may be able to preserve your savings, assets, lifestyle, independence and your family life in the event you or someone you love needs long-term care. Don't put this off until it's too late.

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