The Need for Long-Term Care
Few issues are more compelling than the need for long-term care, or LTC. As our population ages, and as more and more people live longer in their retirement years, it’s likely that a larger number will be forced to confront this issue. In fact, more than half of all individuals will require some type of long-term care in their lifetimes. The question is, will they be prepared? Are you, as a business professional, ready and able to develop a strategy on long-term care and the many options available for funding and delivering that care?
Those who will have a responsibility for a senior parent or relative must understand that the needs of the senior go beyond asset accumulation, income distribution, and estate planning. Today, meeting the needs of the senior (as well as those who are preparing for their retirement years) requires knowledge of long-term care—when it is needed, how it is delivered, and how it can be funded.
Our study of the need for long-term care encompasses a wide array of medical, social, personal, supportive, and specialized housing services required by individuals who have lost some capacity for self-care because of a disabling condition or a chronic illness. While many approach the subject of long-term care with fear and anxiety, it is really just a problem requiring a solution. It is a challenge requiring a thoughtful mix of education, planning, and an efficient system of delivering services to those in need.