Long-Term Care Insurance
Long-term care becomes necessary when you can no longer care for yourself due to prolonged illness, disability, or cognitive disorder.
In the past long-term care was provided by the family, but changes in society make that option less feasible. Families often have fewer children. Many of these would-be caregivers are in the labor force. Friends and family are often spread throughout the country. All this means you must provide for your own long-term care.
But can you afford it? Long-term care is very expensive because medical costs have risen so much in recent years. And due to longer life spans, long-term care may be necessary for years.
Neither traditional medical insurance nor Medicare pays for most of these services, and Medicaid does not pay unless the individual qualifies for welfare assistance.
Long-term care insurance can help protect your financial security. You can avoid relying on family or friends for support. You can also choose the care you need and prefer, including care in your own home.
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