Finding the Funds for Long-term Care

Saville, Anita
August 1996
Journal of Financial Planning;Aug1996, Vol. 9 Issue 4, p40
Academic Journal
The article focuses on accumulating funds for long term care. Planning for long-term care is again at a crossroads. The financial planning community already faces significant challenges in helping clients fund expenses for long-term care. Changing demographics have boosted the number of elderly who will need long-term care, while rising medical costs have made such care less affordable. However, the dynamic nature of this field means planners must carefully weigh current funding options in meeting future client expenses. Today, at least 40 percent of persons over age 65 in the U.S. will need nursing home care during their lifetimes. Meanwhile, the cost of long-term care, like other health expenses, is outpacing inflation. Increasingly, planners are including long-term care in standard discussions of asset preservation. Although private insurance now pays for a fraction of long-term care costs, its use has been steadily rising. As with any insurance, the balance of benefits and premiums for long-term care coverage depends on what clients can afford and how they view risk.


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