The title says it all, people should start planning early for long term care in order to secure their future. This is an important activity that people shouldn’t put off especially if they are nearing retirement. Why? Everyone has a high chance of requiring this type of care since 3/4 of the older population who are 65 years old and above will require long-term care. Another reason to plan ahead is the misconception that your assets and savings are enough to cover your long term care expenses. The outcome is a ghastly scenario wherein families exhaust their nest egg because they underestimated the cost of care. People should acknowledge the importance of long term care planning early in order to have a comfortable and financially secured future.
What do you think of when you hear the words “Long Term Care?” If you’re like most people, you might think of an insurance policy, or maybe a nursing home. Surprisingly though, Long Term Care involves much more than those things. Sure, a person can purchase a Long Term Care insurance policy, or go into a nursing home for an extended period of time, but it’s important not to forget about the emotional, physical and financial effects that also come into play for individuals dealing with Long Term Care. Whether it’s arthritis in our joints or amnesia in our minds, getting older and slowing down is inevitable for all of us, and while it may seem far off in the future, effective planning for how to handle these life changes as we age is critical.
Long Term Care planning becomes especially important for partners and spouses whose children are likely…
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