Unless you plan, your family may not be able to take care of you if you are disabled. If you do not give your family the authority to act on your behalf in proper legal documents and you become disabled financial institutions and medical facilities may not recognize your family's authority to manage your affairs. Unless you plan a court may appoint a guardian and a judge who does not know you or your family may supervise your care.
Long-term care insurance is essential for planning for disability. While it can be expensive, it is a way to pay for long term or nursing home care without impoverishing you and your spouse. Long term insurance can also assist you with in home health care which can relieve your spouse or family from taking care of you 24/7.
Insurance companies do not have to sell you long term care insurance and many insurance companies may decide that your risk factors are too great and decide not to sell you long term health insurance. It is important to get long term care insurance when you are healthy because no one will insure you if you are unhealthy.
In addition to long term care insurance or in lieu of long term care insurance there are a number of techniques that you can use to qualify for governmental benefits while leaving a legacy to your family. However, the longer you wait the harder it will be to preserve your assets and to provide a legacy to your family.