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While traditional planning has included those issues that are at the forefront, such as retirement funding or financing a child's college education, more and more people are expanding their security plans to include long-term care insurance for themselves or a loved one.

Americans are living longer -- currently the average age for men is 80 years, and for women, 84 years. With advances in medicine, the average mortality age will increase in our lifetime and as many as three or four generations will be alive at one time. While the average period people need care is three years, studies show that 10 percent of people need benefits for a longer period. If you or someone you care for should need daily living assistance, the average cost today for that care can range from $1,500 to $6,000 per month. With inflation, projected costs for custodial home care or a nursing or assisted living facility could cost as much as $100,000 annually.

While Medicare may cover some of the expenses, many middle-income families will face financial difficulties funding quality care or providing that care on their own. Thinking ahead and purchasing affordable long-term care coverage can provide peace of mind and eliminate the possibility of future regrets and hardships.

Objective preparation now helps you to choose the right benefits and plan features that are coordinated with Medicare coverage and waiting periods. WestLake Financial Group, Inc. can help you design the plan that fits into your budget and personal circumstances. Options of long-term care coverage and premium costs can include:

· Choice of fixed-amount benefits (daily cost of care and coverage),
· Automatic cost of living adjustments for lifetime policies,
· Premium reimbursement if the policy is never used,
· Discounts for spousal coverage,
· Activities of Daily Living (ADLs) that trigger benefits, and
· Premium payment plans that provide future reductions.

Purchasing long-term care coverage increases with age and health, but there are creative ways that can keep coverage affordable, such as using the cash value of a life insurance policy or a reverse annuity mortgage to cover premiums. We can help you design the right plan that meets your needs -- for you or your loved ones -- and that fits into your budget.