Wednesday, August 25, 2010

Long Term Care Insurance

Average life expectancy of people has been extended due to medical breakthroughs and advancement in technology. Seventy years old is no longer considered to be old age by today’s standard. But there is an increasing chance of us requiring some kind of professional care or assistance in our lifetime.

Elderly people have three most important concerns (1) having enough money for daily living and not outliving their assets; (2) maintaining their health; (3) the ability to remain independent in their home.

People often overlook long-term care as part of their financial plans. Long-term care provides a monetary benefit for necessary health care services when individuals become incapable of caring for themselves.

Caring for an elderly is difficult and demanding as it requires a high level of responsibility. The secondary issue will be expense of health care which can have financially devastating consequences.

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