Marlene S. Stum, Ph.D. Family Social Science

You should start planning NOW because all age groups are at risk of needing long term care.

The need for long term care (help with activities of daily living) can come at any age. Younger people need long term care because of disabling diseases, car accidents, AIDS, brain injuries, strokes and other disabling events. In fact, 40% of people who need long term care are working-age adults, and 57% are 65 years and older.

Just as you plan for later life financial needs throughout your life, you need to also be thinking about long term care.

Many people in their 40s, 50s and 60s, seem to understand the need to plan for changing income sources when they retire or change their work pattern in later life. However, few have taken into account risk management for long-term care. One financial planner writes, "Even for the wealthiest of us, it is almost impossible to set aside enough in our pensions or 401(k) plans to pay for the kind of price we'll have to pay if we must go into a long-term care facility or have long-term care provided at home." (Berg, Employee Benefit Plan Review).

You will have more options and choices if you start planning now.