Caregivers Charge it When Paying for Long-Term Care

According to a Long-Term Care Web Directory company, caregivers use credit cards to pay for long term care. Around 16% of caregivers said they charge it when paying for Dementia care while 5% use personal loans to pay for it. Only 3% said that they have expedited their life insurance policy to pay for their long term care expenses. These numbers only show that there are still a lot of people who have not prepared for the looming high cost of long term care. 

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Infographic: Should You Buy Long Term Care Insurance?

According to the most recent report, 70% of people who are 65 and above will require any form of long term care. It is costly in nature and to make things worse, its cost is on the rise these days. There are different payment options available and long term care insurance is believed to be the most efficient. Would you rather go for the investment strategy or savings plan, or purchase long term care insurance coverage? To help you come up with a calculated decision, take a look at this infographic.

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4 Things to Consider in Long Term Care Planning

Most people plan to live much longer but not everyone of has created a plan if they do live a much longer life. Planning for your future is very important nowadays especially now that living a long life can be costly. According to personal finance experts, you should allot money for your future long-term care needs in order to manage your day-to-day living and avoid big financial woes later on. So what are the things that you should include in your long term care plan? Here are four things you need to consider. 

1. Home
2. Transportation
3. Support Network
4. Money for Care

Original Source: http://news.yahoo.com/4-things-long-term-care-140000577.html

Your Practical Guide When Planning for Long Term Care

The recent report released by the Department of Health and Human Services states that 70% of people who are 65 and above will need any form of long term care. There’s a big chance that you’ll face difficulties in carrying out your activities of daily living in the future due to old age, injuries, diseases or conditions. However, you can take steps as early as now to ensure your future independence, dignity and security despite its financial toll. It’s important to get familiar with long term care and to start planning as early as now in order to avoid financial woes in the future. Click here to read the practical guide to long term care planning.

Factors to Consider When Planning for Long Term Care

Long term care planning entails a process in order to come up with the soundest plan. You need to formulate your plan for long term care according to several factors like your needs and financial capability. It’s not that hard like what everyone thinks as long as you follow the process or better yet consult a care planner that can help you make calculated decisions. Creating the right long term care plan is essential nowadays since people are living much longer and the cost of care is steadily rising. Here are the factors you need to consider when planning for long term care:

1. Needs
2. Financial Capability
3. Payment Method
4. Care Provider
5. Legalities

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Who needs Long-Term Care Insurance?

Some people will not admit that they will need long-term care insurance because they’re still young and healthy. But will still enjoy this same level of good health when you’re 65 and above? According to the latest report, 7 out of 10 of Americans who are 65 and above will require long term care. 

The cost of long term care is steadily rising nowadays and because of this, people should explore their options on how to foot the bill. There are government programs available but Medicare doesn’t pay for the core of long term care while Medicaid will ask you to spend down your assets first before you can become eligible for benefits. A more efficient and effective alternative is long term care insurance policy. It is very beneficial since the policy guarantees to cover your bill, you can receive tax-free benefit, gives you leverage and investment freedom.

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