According to Key Private Bank, less than 25 percent of clients with a high net worth have long-term care plans in place. For the purposes of the study, a Georgia resident would qualify as high net worth if he or she had more than $1 million in assets. One of the challenges of planning for long-term care needs is that individuals may also be trying to save for a house or other long-term expenses.
When children grow into adults, they may eventually have to talk to their parents about long-term care options. Having this conversation can help to broach topics such as whether an aging parent is going to remain in their own home. Looking into long-term care options could also reduce the odds that a senior will have to sell their home to pay for medical expenses.