The week of November 5-11 has been declared Long Term Care Awareness Week by the American Association of Long Term Care Insurance. On a related note, November is National Family Caregiver’s Month. But once caregiving services are needed, it is probably too late to purchase long term care insurance. This insurance is one of the most important ways to plan for possible future care.

Many Americans may need long term care at some point in their lives. Since Medicare and health insurance cover very little long term care, and since many Americans do not yet own long term care insurance, the burden of caregiving often falls upon unpaid family caregivers. Although all long term care needs, by definition, last more than 90 days, many people need help for much longer, sometimes for years. This can be a significant physical, financial and emotional burden for family caregivers.

In an effort to encourage Americans to prepare for their future long-term care needs, Long Term Care Awareness Week reminds all of the importance of this planning. While most people don’t like to think of this aspect of retirement planning, it is just as important as drafting a will or saving for retirement.

Consider these facts:

• Long term care insurance is the only type of insurance primarily designed to pay for long term care.

• Comprehensive policies from leading insurers can be affordable. The federal government and many states offer tax incentives to make the insurance even more attractive. (Speak with your tax advisor.)

• Time is a consumer’s enemy when it comes to long term care planning, because every year that someone delays the purchase of long term care insurance, the premium generally increases.

• A change in health can make it impossible to qualify for long term care insurance.

Consumers are advised to schedule a meeting with a long term care insurance agent to see if long term care insurance makes sense for them. Long Term Care Awareness Week sends us all this message: don’t let another year pass without taking a hard look at how you will pay for your own long term care.

Joel J. Sworney is a licensed long term care insurance agent in Georgia. For more information see www.ltcmatters.com.

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