According to the University of Michigan Health and
Retirement Study, daughters are two times more likely to take care of their
aging parents than sons. This can cause rift between siblings and can also make
it hard for women to plan accordingly for their retirement.
Families can avoid this by buying long term care insurance
policy which is designed to pay for long-term care services such as nursing
home, assisted living facility, CCRC, home care and adult day care. Since the
cost of care is on the rise nowadays, it is imperative that people should buy
coverage. The cost of a semi-private room in a nursing home costs nearly $7,000
annually while the average cost of assisted living facility is around $3,200
annually.
Caregiving is stressful in nature but if families plan ahead
and purchase long term care insurance coverage, then they can avoid this and as
well as family strife. It’s a worthy investment today since people are living
much longer and will require any form of long term care.
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