04/11/2024
Let's face it, no one really wants to think about long-term care, but what's worse is not being prepared at all. Here are 5 things to keep in mind:
1 - Long-term care doesn't necessarily mean a nursing home. Most long-term care starts in the home, and it often ends in the home too.
2 - The definition of long-term care is not being able to perform any 2 of the 6 activities of daily living, or a cognitive disorder. So, no one's long-term care needs are the same.
3 - Statistically you are more likely to need some form of long-term care than not.
4 - The burden of long-term care is far more than financial - it often falls on family members who are not adequately prepared or even able to provide the level of care needed. In fact, the caregiver's life is shortened, too.
5 - There are several alternatives to traditional long-term care insurance policies that have three critical components: Tax-free benefits, complete flexibility to access benefits, and if care is not needed, your beneficiary can receive the unused funds.
