Long Term Care is the type of care provided for those who have an illness, disability or cognitive impairment and need assistance with daily living activities.  The risk of needing these services is greater than many people realize.  Research indicates that one in two Americans will need long term care at some point in their life.

A misconception is that Long Term Care is Nursing Home Care; in reality only 15% of Long Term Care is provided by Nursing Homes.  The remainder is provided by Home Care, Adult Day Care and Assisted Living Care, as illustrated by the graph below.

Long Term Care affects people of all ages.  Today more than 12 million people are receiving long term care services and over 40% of them are of working age.*

The majority of Long Term Care expenses are paid with personal or family assets.  It is important to recognize that when one person requires long term care the entire family is affected.  Several difficult issues must often be dealt with including the type, location and quality of care needed, as well as the role that family members may be asked to assume in providing or overseeing the care.

* from "Long Term Care, Your Financial Planning Guide" Kensington Publishing Corp, 2003. Pages 5,9 and 37.

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