In a previous blog found HERE, we discussed general guidelines of planning for long term care. We will now discuss further considerations in this blog.
Cost of Care
The majority of individuals provide for long term care through insurance. The cost for those policies has been changing (increasing premiums or reducing benefits) over the past few years. For example:
- Women frequently pay more because of their longer life expectancies and more expensive claim history.
- Age at the time long-term care begins also affects policy costs: the younger the applicant, the lower the policy premium. Determining when to purchase a policy requires a cost/benefit analysis. The younger you are, the longer you pay premiums but at a lesser premium rate.