Long term care is needed by those who can't perform the basic tasks required to take care of themselves. This can include people suffering from a debilitating illness or chronic injury. The need for long term care can arise unexpectedly, often creating a large financial burden.
Long term care can be expensive and it is important to consider if you can afford to self-insure. The cost of long term care can vary significantly depending on the level of care that is needed and what services are provided.
Self-insuring means that you are responsible for paying for the costs of long term care out of your own pocket. Before making a decision to self-insure, it is important to consider all of your options and the potential financial risks and rewards associated with self-insuring.
Insurance companies also offer long term care policies that can help you cover the costs associated with long term care. It is important to do research to determine if this is a viable option for you.
This calculator can help you determine if you are financially prepared for this impending expense.
