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Chapt 1 1-11 What is Long-Term Care

Chapt 1 1-11 What is Long-Term Care

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Published by allenhamm

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Published by: allenhamm on Jun 06, 2011
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07/03/2014

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1
P 
ong-Term are Is merica’sTrue Health are risis
I
n the next decade, the healthy lifestyles that will enable mil-lions of Americans to live well beyond age 100 may also posethe greatest threat to their financial security, retirement, andlegacy. Our biggest challenge in the field of health care will be tophysically and psychologically care for those who have managedto live well beyond today’s life expectancy.It has been estimated that the number of people requiringlong-term care will double in the next three decades. This meansthat more than 28 million people could need help with thebasic activities of daily living, or some level of supervision dueto memory loss. Tasks such as getting dressed, which are nowperformed with ease by most, will require the assistance ofothers. Unable to live independently, these large numbers of peoplerequiring care will create tremendous demand for new healthcare solutions in the first half of the twenty-first century. This newchallenge—accommodating those needing long-term care—willdwarf our current problems regarding the financing of physicianand hospital care.Who will provide this care? Where will the care take place? Whowill pay the bills? The long-term care industry is working to find theanswers to many of these questions. Soon, planning ahead for long-term care will become as common as creating a will.One option for paying for care is long-term care insurance. Wedevote several chapters of this book to a discussion of this option.If you haven’t already purchased long-term care insurance, weencourage you to wait the few hours it will take to read this book.After doing so, you should then consult with an
ObjectiveFinancial Advisor—
rather than an insurance agent. They will assist you inplanning ahead for long-term care by guiding you to resourcesand information that help you understand your options within thecontext of your personal and financial objectives.
 
Attempting to plan ahead for long-term care outside thecontext of your financial objectives is a major mistake madeby many people. Why? Because the LTC Planning industry isheavily influenced by the insurance industry. Traditional insur-ance agents often use a
non-integratedapproach,
attempting toconvince you that long-term care insurance is the only optionavailable for paying for long-term care. The critical differencebetween working with an
ObjectiveFinancialAdvisor 
and workingsolely with an insurance agent can mean the difference betweensuccess and failure for your financial and estate plan, as well as foryour legacy.To help you address the issue of long-term care planning, anonline assessment is available to readers of this book. For access,go to
www.adviceonltc.com.
2
 
3
ITDUTI
I
n my 22 years of LTC Planning experience, I have heard hun-dreds of painful stories about the effects of long-term care. Thefollowing story recounts my personal experiences in this area. Mypurpose in sharing these experiences with you is to communicate thefoundation for my strong belief in planning ahead for long-term care.For those anxious to learn about the specifics of planning ahead,I invite you to move ahead to
Part 1: Understanding ong-Termare.

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