Retirement funds, savings and life insurance are ways to prepare for your golden years, but what happens if you require long-term medical care? Most people don’t think they will ever need long-term care, but recent studies show one in five people over the age of 50 will require this type of care.

Long-term care is extended care needed because of a disabling accident, illness or aging. This type of care helps individuals who can no longer take care of themselves by providing assistance with every day tasks such as eating, dressing and bathing. Long-term care may include home health care, adult day care, assisted living, nursing home care, respite care and other types of care.

The cost of long-term care is staggering. Statistics show the cost can be over $50,000 a year in Alabama. Most of this expense comes out of the pocket of those needing care or is paid by their loved ones, not by insurance. Families often use their savings or retirement funds to pay for care, and in many cases families are forced to sell assets.

Long-term care insurance can help protect your assets and give you independence and choice when facing a long-term care situation. When shopping for long-term care insurance, compare policy prices that have equivalent benefits. Choose a company with high ratings for financial strength and claims-paying ability. Finally, ask the insurance company about its policy’s premium rate history. The lowest-priced plan may not stay that way if the carrier increases rates down the line to cover future claims.
For more information, call 1 888 331-4188 or visit www.preferredltc.com.