Marlene S. Stum, Ph.D. & Claire Althoff, Family Social Science

If you have been ignoring or denying the need to plan for the risk of long term care, you are not alone. Too many individuals are avoiding long term care risk protection as part of their overall financial planning. As a result, families are faced with many dilemmas and decisions on how to finance long term care if and when a need arises. Here are ten excellent reasons to plan now, versus waiting for a crisis.

1. No age group is exempt from facing the risk of needing long term care. Waiting until you are 65 or older to think about long term care issues can be too late. The population in need of long term care is diverse in age and level of disability. A majority are over age 65 (57%), however 43% are below 65 years of age. As you age, the probability you will need care, either at home or in an institution, increases. At ages 65-74, 12 % of all people need help with care tasks. At age 85 and over, 70% of all people need help with activities of daily living and long term care.

2. Planning ahead provides peace of mind. It helps reduce fear and worry. It provides you with the security of knowing that your plans have been made and your wishes will more likely be followed.