So many people are in the dark or just plain confused when it comes to the subject of long-term care and long-term care insurance. Like many complex issues, this too can be a very confusing subject to explain. So, I went to the experts and want to share my findings. First off, long-term care is a range of services and supports you may need to meet your personal care needs. Most long-term care is not medical care, but rather assistance with the basic personal tasks of everyday life, sometimes called Activities of Daily Living (ADLs), such as bathing, dressing and eating.

Other common long-term care services and supports are assistance with everyday tasks, sometimes called Instrumental Activities of Daily Living (IADLs) include things like housework, handling finances and shopping.

According to Wikipedia, long-term care can be formal or informal. For example, facilities that offer formal LTC services typically provide living accommodations for people who require on-site delivery of around-the-clock supervised care. These facilities may go under various names, such as nursing home, personal care facility and enriched living.

Long-term care provided formally in the home, also known as home health care, and can incorporate a wide range of clinical services such as nursing, drug therapy and physical therapy. These particular services are usually ordered or prescribed by a physician. Some of the costs of these services may also be covered by health insurance or long-term care insurance.

In contrast, informal long-term home care is care and support provided by family members, friends and other unpaid volunteers. It is estimated that 90 percent of all home care is provided by a loved one without compensation.

The U.S. Centers for Medicare and Medicaid Services estimates that about 12 million American men and women over the age of 65 will need long-term care by 2020 and that most will be cared for at home.

A study by the U.S. Department of Health and Human Services says that four out of every 10 people who reach age 65 will enter a nursing home at some point in their lives and about 10 percent will stay there five years or more.

If you can afford long-term care insurance, you should probably consider it. Why? Because the cost of long-term care, should you need it, can quickly deplete your life’s savings. For instance, having a home health aide visit just three days a week can cost more than $20,000 annually. Full-time nursing home care, the most expensive type of care, now averages $69,000 to $78,000 per year.

While financial considerations cannot be understated, long-term care insurance isn’t only about money. It’s also about peace of mind. Having it ensures you’ll have access to first-rate care when you need it. It also means you won’t have to be dependent on others or be a burden to your children.There’s about a 70 percent chance you’ll need some type of long-term care after age 65. And long-term care services are not just for older people—40 percent of patients receiving long-term care are under age 65.

Long-term care costs:

A recent analysis indicates that Americans spent $119 billion on long-term care services for the elderly in 2009. Nursing home spending accounts for the majority of long-term care expenditures, but home and community based care expenditures have increased over the past 25 years.

Now is the time to purchase private long-term care insurance. Starting in the first quarter 2014, long-term care insurance will be priced according to gender, meaning women will pay on average, 30 to 50 percent more than men.

Tips on saving:

• Consider purchasing for your adult children.
• Design a policy around the average cost of home care and assisted living.
• Consider the NYS Partnership Policies, which are now more affordable and offer total asset protection.
• Something is better than nothing. Premiums can fit into almost any budget.
• Apply with a spouse or partner. Discounts are as high as 25 percent
• Consider more affordable inflation options. Today’s policies offer creative solutions for indexing your policy’s benefits for rising health care costs.

I know just the thought of LTC and the premiums involved is a scary subject, but, not having it and being faced with LTC needs would be even scarier.