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Paying medical bills is a fear that plagues nearly every human being, regardless of their age. However, this has become a prevalent concern amongst older generations, especially as they near retirement and discover their financial plan is inadequate. Plus, it does not help that the cost of various medical operations has increased greatly over the past few years.  As a result, health issues are now the leading cause of bankruptcy in the United States.

Leading a healthy lifestyle is the best way to prevent different medical conditions from occurring and extend one’s life. However, investing in long-term care insurance is not only an excellent financial choice but a strong safety net as well.

As we know, this form of insurance assists individuals in paying for certain medical expenses as they get older, such as staying in a rehabilitation center or nursing home for an extended period. Statistics show that even the healthiest individuals will need one or more of these services at some point in life, and stays in these sorts of facilities have only become more and more expensive. So, it should come as no surprise that few people have the cash to pay for them outright.

With those facts in mind, let us take the time to explore the other ways in which long-term care insurance has changed over the years.

There are more policy options to choose from

There are numerous plans to consider when it comes to long-term care insurance. For instance, those who cannot afford stand-alone long-term care insurance policies, or feel confident in their ability to “self-insure,” often opt for policies that blend the benefits of long-term care and life insurance.

Such a policy gives holders the ability to choose between long-term care benefits for care or a death benefit. If it turns out one does not need the long-term care benefits, they will secure and receive their death benefit in full.

However, no matter one’s financial situation, it is imperative they work with an insurance professional to select the plan that truly aligns with their needs and circumstances.

Insurance costs have spiked

Given the increased demand for long-term care, the cost of a policy has increased. However, there are ways to ensure one is not paying too much for their long-term care policy. For instance, if one plans ahead and purchases this policy early in life and while they are still in relatively good health, they should be able to lock in a lower rate than an older, less healthy applicant.

Although this type of insurance policy should be based on the medical needs of each person, it would be wise to plan for the worst. While an applicant may be in excellent health when they purchase their policy, life can change in an instant. Therefore, one should always carefully consider their family health history, current lifestyle, and other pertinent factors before choosing between a basic or more robust long-term care policy.