Whether from the personal experience of a loved one or via the comparatively easier exposure of a friend's story about his parents, a prolonged health decline by someone you know is not an easy process to observe, let alone be touched by. While the non-financial implications are great, the monetary consequences of extensive medical care can be equally as meaningful. In recent years, the long term care insurance industry has grown significantly and now plays a major role in this life stage.
Unfortunately, like many relatively new products, the industry is still finding its footing and apples-to-apples comparisons of policies are still difficult. Furthermore, premiums can be extremely expensivce, especially for those first looking to aquire a policy late in life. Nonetheless, long term care insurance is worthy of your time and consideration. Whether you opt to purchase the product or pass, it is critical to make a conscious decision to address the possible financial implications of long-term care.