Important Things to Consider on Long Term Care and Long Term Care Insurance Coverage

Longevity is one of the reasons will require long term care and will need the help of long term care insurance policy. According to Michael Yee of financial company Ameriprise, advance technology and climate are the reasons why people are living much longer today.

People will need long term care when they need assistance in doing their ADLs or Activities of Daily Living such as eating, bathing, toileting and transporting. This is costly, thus the need for long-term care insurance. According to Yee, people should consider this insurance product when they are between the ages of 40 and 75. It is more affordable to purchase when you are younger and healthier when you are in you're 40s compared to when you are already 75, feeble and at risk of requiring care.

When it comes to receiving care, people have variety of options nowadays other than nursing homes. Aging in place is the popular choice and for $25 per hour, people can already hire a skilled professional to take care of their aging loved ones. In addition to this, people can consider other care settings like assisted living facilities, CCRCs and adult day care.

Sources: http://khon2.com/2014/10/16/when-to-consider-long-term-care-and-care-insurance/

http://www.ltcoptions.com/long-term-care-insurance/types-of-long-term-care-insurance/