Many of us do not plan for long term care for ourselves or our family. 70% of people over 65 years of age will need some kind of long term care. Even 40% of the people 18-65 will need some long term care. When planning for the financial future, we need to factor in health care costs.

Those people who have Medicare think it will provide long term care. It does not! Medicare will pay for a heart transplant, but not for care over 100 days except in certain circumstances. Patients are being sent home from the hospital with very complicated care regiments with the expectation that family members will provide that hands-on care. The person providing the care almost needs to have an RN degree to administer all the meds and wound care.

As lifespans increase, planning for health care is a must. Families need to have open discussions about what will happen if grandmother can no longer live alone. What extreme medical procedures to invoke? Hospice? End-of-life? Please have those crucial conversations sooner than later!