One of the most important financial planning decisions you can make in your life is deciding to address long term health care matters. The earlier in life you plan for it the more likely you will be prepared to handle the financial, physical and emotional trauma associated with a serious illness or injury. You may think that only senior citizens need long term health care but that is not true. Millions of people under the age of 65 find themselves needing skilled nursing care or a nursing home stay while recovering from an illness, workplace injury or auto accident. But it's true that elderly persons often do need specialized care and some require end-of-life care in a skilled nursing facility. But long term health care can also refer to a situation where someone stays at home and gets regular visits from a medical professional. The cost of any of these types of programs can be expensive which is why long term health insurance can be beneficial. LTC insurance will pay for the cost of the home health professional visits or will pay a per day rate for a stay in a nursing home or facility. The amount of coverage you choose will depend on your ability to pay for a portion of long term medical costs. For example, if you can cover the cost of a nursing home stay for 90 days, then you would choose a long term health care policy that does not start coverage until the 91st day. It is also critical to consult with an attorney and make sure all necessary legal documents have been prepared including a living will and power of attorney.