As people age, they may require long-term care due to chronic illness, disability, or the natural aging process. Taking care of an elderly parent can be a challenging but rewarding experience, and it is important to plan and consider both your needs and your parent’s needs. This article outlines some steps to help navigate this new responsibility, including assessing their needs, legal and financial planning, researching care options, developing a care plan, building a support network, practicing self-care, and monitoring and adapting regularly. Long-term care can be provided in various settings, such as in-home care, adult day care, assisted living, nursing homes, or continuing care retirement communities. To find out if your parent has coverage for long-term care, review their insurance policies and other financial resources, such as health insurance, long-term care insurance, Medicare, Medicaid, veterans benefits, life insurance, pension or retirement savings, and other community resources or financial assistance programs. While it might be possible to obtain long-term care insurance for your parent, the availability and cost will depend on several factors, including age, health status, pre-existing conditions, waiting period, benefit period, and inflation protection. Long-term care insurance can provide financial protection and peace of mind for individuals and their families, helping to cover the cost of care and protecting assets. Consulting with professionals such as geriatric care managers, elder law attorneys, financial planners, or insurance agents can help navigate the complex world of long-term care financing and services. Long-term care insurance is a type of insurance that covers the cost of long-term care services for individuals who need assistance with daily activities due to chronic illness, disability, or age-related decline. The policy provides access to a range of care options, including in-home care, assisted living, adult day care, and nursing home care. It can help preserve financial resources for living expenses or leaving an inheritance and relieve the financial and emotional burden on family caregivers. However, it’s important to consider the potential benefits in the context of individual needs, preferences, and financial situation, and to consult with a financial planner or insurance agent. Common exclusions and limitations include pre-existing conditions, waiting or elimination period, benefit limits, non-qualified care providers, mental and nervous disorders, alcohol or drug addiction, intentionally self-inflicted injuries, war-related injuries, care outside the policies geographic area, and non-medically necessary care. Common mistakes when purchasing long-term care insurance include waiting too long to purchase, overlooking policy details, choosing inadequate coverage, focusing solely on cost, and not comparing policies.