You may already be aware of what long-term care is, whether it’s through personal experience, care giving for a loved one who needs daily assistance, or knowing a family member or friend who requires more support as they age. As you learn more about long-term care, consider the possibility that you may need this type of care in the future and start planning for it today.
Did you know that 70% percent of Americans older than age 65 will need long-term care at some point in their lives? This means personal care and other related services provided on an extended basis to people who need help with everyday activities or supervision due to a severe cognitive impairment, such as Alzheimer’s disease. Because long-term care is not typically covered by health or other types of traditional insurance, it’s most often provided at home by adult children, other family members and friends. Care giving can be stressful and often takes a toll on a caregiver’s health and well-being. For this reason, you may want to research stand-alone long-term care insurance.
There’s no one-size-fits-all when it comes to long-term care insurance, and it’s no secret that planning for your future care can be overwhelming. When choosing a plan, consider the role your family may play in providing your care, the cost of care where you live or plan to retire and how your coverage may contribute to your broader financial goals. Amongst the considerations to consider are:
• Cost of care: Compare the national average cost of long-term care with other locations in the United States. You can choose where you live, or plan to retire.
• Care options: Learn more about different care options, such as home care, assisted living facilities and nursing homes, as well as the associated costs.
• Inflation protection: Understand the impact of inflation on the cost of care over time.
– Courtesy of NAPSI