You might think your family could become your future caregiver decades from now since you might only need a few months of care. The problem is - it could last for years. Affordable Long-Term Care Insurance policy gives the family time to be family.
The AARP says caregiving plays a significant role for many Americans. More than 65 million people, 29% of the U.S. population, provide care for an older family member or other chronically ill or disabled people.
The value of the services these family caregivers provide for "free" when caring for older adults is estimated to be $375 billion a year. According to the National Alliance for Caregiving and Evercare, that is almost twice as much as is actually spent on in-home and nursing home services combined ($158 billion).
Don't place the responsibility of caregiving on your family. Family caregivers face physical and emotional distress. Paid care is expensive. Planning for the costs and burdens of aging is an essential part of retirement planning.
According to the LTC NEWS Cost of Care Calculator, the costs of paid care services continue to grow every year. Find both the current and future costs of long-term health care where you live by clicking here.
The best time to shop for Long-Term Care Insurance is before retirement, ideally in your 40s or 50s. Get free and accurate quotes from all the major companies by clicking here.
