While it is not an easy matter to confront and accept, individuals in New York and elsewhere are aware that we cannot be around forever. One day, each of us will meet our demise. However, even with this reality in the back of our mind, individuals often think that they will be able to retain their physical and mental capacities throughout their entire life. While this is a very hopeful and optimistic viewpoint, the reality is that with old age, many may not be able to care for him or herself or even make health and financial decisions on their own.
For many residents in New York and elsewhere, it is difficult to think of a time one will no longer be able to care for him or herself or make their own decisions. Unfortunately, it is more and more likely that in our old age, we will require care and assistance. Because of that, long-term care planning has becoming an essential step to take.
Most Americans who are ready to move into a long-term care facility need help selecting an appropriate one. If you're reading this article, you're probably one of the "helpers." You might be a son or daughter, who is trying to select the best facility for an aged parent. Maybe you're a parent, choosing a facility for an incapacitated son or daughter.
When recommending the purchase of long-term care insurance ("LTCI") to my clients, the most often heard response has historically been, "I don't want to have to pay the premiums for the rest of my life." For many 55 to 70 year olds, a potentially lengthy premium payment period is a psychological obstacle they are unable to overcome in making the decision to purchase LTCI.