Families know that there may come a day where long-term care insurance is necessary. They should come together early on and discuss with a senior what the best kind of plan can be, and how it should be implemented.
"If you're smart enough to take the time to put a plan in place while you are level headed and not reacting to a life event, you won’t have to think about it again," Mark Goldberg of long-term care insurance company ACSIA told Fox Business.
So where should one start? The news source suggests thinking about how policies reimburse different medical expenses. The amount of money one pays into the plan is typically related to how much it will cover on a monthly or daily basis.
Long-term care insurance also takes a senior's housing preferences into consideration. One can choose a policy to help with home care, a retirement home or a nursing facility.
Older adults living at home may also want to consider installing a medical alarm system. This device can be used to instantly send a personal emergency response message to request aid.
One should also research the costs of each option. Nursing homes are becoming notoriously expensive – in 2008, a year-long residency was valued at $77,380.