The uncertain economic times recently has caused some roadblocks to financial security.
There are many challenges that 77 million Baby Boomers are facing as they plan for retirement.
Rising healthcare and Long-Term care costs make it critical to include Long-Term Care insurance in the long-term financial plan.
An important factor in long-term care planning is your family structure.
The family structure affects a person's outlook, aspirations and retirement plans.
The different family structures include: o Traditional families with children and two parents o Blended families with two parents who have at least one child from a previous relationship o Single Women with or without children, who are widowed, divorced or never married.
o Single Men with or without children, who are widowed, divorced or never married o Same Sex Couples with or without children The dynamics of your different family structure affect your needs, advice and products that are best for your unique situation.
Traditional Families are very concerned about not becoming a burden to their children and having enough money to cover healthcare costs in retirement.
The challenge for these families is to make the unpredictable elements in their lives more manageable, such as their children's current and future needs, their own healthcare, and other costs.
It makes more sense for traditional families to purchase a policy at a younger age and increase the amount of coverage as they get older, if necessary.
Blended Families have concerns about children from former marriages as well as children in their current marriage.
Monies may be even tighter in situations where spousal/child support is an issue.
They, too, do not want to become a burden to any of their children, but may have to be more creative in designing a plan that works in this situation.
Single Women have a great concern on receiving care when the time comes.
It is extremely important for most single women with or without children to have a long-term care plan in place.
Long-term care insurance solves the problem of having the ability to afford a caregiver as well as not being a burden on friends or extended family.
Single Men may not want to address the subject of someday requiring some assistance with the activities of daily living.
It is easier for this group to procrastinate or just plain be in denial.
So often, it is said "I don't have to worry about long-term care because I am just going to die quickly.
"It is important for single men to be able to answer questions regarding their care in case they are to someday need assistance.
Same Sex Couples, members of the gay and lesbian community, present some unique financial challenges when planning for long-term care maintaining the life that has been built together takes planning.
Because most gays and lesbians are less likely to have children than heterosexuals, the issue of caregiving is of particular importance.
Until the laws are changed current regulations prohibit same-sex partners from receiving Social Security spousal or survivor benefits.
With long-term care insurance, same sex couples can protect the assets they have worked so hard to accumulate, while reducing financial risks.
It is best to consult a Long-Term Care Specialist who represents the top carriers and someone who show no bias toward any one company.
The Long-Term Care Specialist is your advocate in helping you creating a plan that is best for you an your particular situation.