Long term care is different from traditional medical care.

It helps you offset the costs of care for help with activities of daily living, such as bathing, dressing, eating, toileting, transferring and continence. This coverage will also provide benefits if you suffer from a severe cognitive impairment, which may be the result of diseases (like Alzheimer’s disease) or aging. Long term care services may be at your home, in a nursing home, an assisted living facility, or a hospice facility.

Investing in long term care insurance now could be the most important decision you make.

Why? Because you can't tell when you'll need it. You may need it in three years or three days; it's impossible to predict how long you'll be in good health or if you'll suffer from long term effects of an accident or debilitating disease. And, because long term care insurance rates are based on your age at the time of purchase, the younger you are when you enroll, the less your premiums will be.

It is Lifestyle Protection. Financial professionals frequently recommend adding LTC insurance to an asset protection plan to help protect retirement funds, reduce caregiving responsibilities as a family concern, sustain current lifestyle with dignity, and protect a legacy for beneficiaries.

Whatever goals you have for yourself and your family, you should consider LTC insurance as a key element in your financial plan. The longer we live, the more likely we may suffer a chronic or disabling illness that requires in-home care or a stay in an assisted living facility or nursing home. Today, the costs of these services are high and are expected to increase dramatically over the next 10- 20 years. Contrary to popular belief, Medicare, major medical and health care plans, and disability insurance will not cover the majority of costs of LTC services. These expenses can quickly deplete your personal savings and may impact your retirement dreams.

However, LTC insurance can help you pay the cost of your care. What’s more, the benefits can help keep your savings intact and lessen the impact of care on your loved ones. It may also help you maintain your independence by allowing you to stay in your own home as long as possible, rather than receiving care in a nursing home or assisted living facility.