70% of people age 65 and older will need some type of long-term care. Having Long-Term Care Insurance can help provide peace of mind for your family. Professional care can take the burden off the shoulders of family members. 3 of the most common arrangements are:
In home care
If possible, many people prefer to have health aids care for them in their own home. Services may include administering medicine, bathing, dressing and other tasks around the house.
Assisted living facility
These are more flexible than nursing homes and provide a setting more familiar to being at home. They can provide a more independent lifestyle.
Nursing homes
More suited for people who are unable to be cared for in their own home. The average cost for a private room is $102,000 per year. Expensive indeed.
How to Purchase
Similar to life insurance, Long-Term Care Insurance is cheaper the younger you are. Consult your agent about the best options for you. You can purchase a standalone Long-Term Care policy or you can buy it as an add-on to some life insurance policies.
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