The long term care that is needed for you or for a loved one late in life can be a very expensive proposition. Long term care insurance whether in home or in a nursing home can end up costing tens of thousands of dollars at the end of your life. Many people are unprepared for the costs associated with the last few years of life. Statistics have shown that over 60% of all Americans will need some type of long term care at the end of their lives. One month in a nursing home could cost you $4,000 or more with some nursing home facilities costing over $70,000 per year. This is a huge cost that many people are not ready or able burden. These costs can erode many retirement savings and could possibly deny the care that you may need in the end. This is why having long term care insurance is very important. Tom Fischer is Financial Planner in Scottsdale Arizona, specializing in fee based financial planning.