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Coverage options for long term care

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Long term care is not something most people want to think about. However, consider this statistic shared by Fidelity: Approximately 12 million Americans require some type of long term care every year.

With this in mind, it would be in your best interest to consider your options for long term care. You hope you never find yourself in this position, but there is no way of knowing what the future holds.

The best option for long term care is long term care insurance. With this policy in place, you can make a claim should you require treatment. Other options include:

-- Government programs

-- Hybrid policy that combines a long term car insurance policy with an annuity

-- Self insurance, such as through personal savings

These options show why long term care insurance is so popular. For example, you may not qualify for government programs. With an insurance policy, you don't have to worry about this. Your income has nothing to do with whether you can make a purchase.

If you are fortunate, you will never require long term care. Instead, you will be able to stay in your home for many years to come, never needing any outside help.

Even if you have intentions of avoiding long term care, you don't know if you could end up in this position. This is why the old saying "it is better to be safe than sorry" rings true.

With long term care insurance, you should be able to get the coverage you need, when you need it. If you face any trouble, such as a denied claim, don't hesitate to file an appeal.

Source: Fidelity, "Long-term care: Challenges and changes," accessed Nov. 03, 2015

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