Long-term care (LTC) is not something everyone is constantly thinking about as they get older. Many people do not begin thinking about it until they need it, and by then they end up having to pay for all of the services theirself.

These services include medical and non-medical care. The reason most people need long-term care is to assist them with support services for activities of daily living such as dressing, bathing, eating, and using the bathroom. You can receive the services at home, in assisted living facilities, or in nursing homes.

The cost of LTC is getting more and more every year, which is why it is important to invest in long-term care insurance. The cost of a LTC insurance premium is considered a medical expense when doing taxes. If you live in Alaska, the average annual cost of LTC is $114,767. That is a lot of money that could have been saved if you had invested in long-term care insurance.

So, does your father need long-term care insurance? Many people believe this answer is a very personal decision, but we’re here to help you make that decision. If your dad has very limited assets and it would be a financial difficult to pay the premiums, then LTC insurance would probably not be best for him. He might even be eligible for Medicaid and community home-care services that charge on a sliding scale.

BUT, if your dad has over $100,000 in assets as well as a house, you should definitely look into purchasing the insurance. If your father does not want to or has not already bought LTC insurance and you would like to protect the house, you can buy the insurance for him.

If purchasing LTC insurance sounds like a good idea to you, go ahead and call for an idea about how much it will cost. But do it soon because there are now less than 15 companies selling LTC insurance and the sooner you purchase, the better. The younger you are when you purchase, the cheaper the premium will be.

You do not want to wait too long until something happens. Once you become sick or injured, very few companies will give you coverage.  So plan ahead and buy your premium now!