Another insurance type Melissa talked about, that is probably not well known, is long term care insurance.
It helps people who eventually might need to go into care homes or are looking for in-home care by paying a daily benefit amount. As the baby boomer generation is getting closer to retirement, they are expecting that there will be a big influx of people needing long term care, and we all know that it’s already challenging to get into certain facilities, with wait lists and having to meet certain criteria, etc. So, not having to worry about the financial side of things could be an enormous help. Melissa said: “It helps with the affordability factor to get into the facilities you want/need to go to and anyone who has had to help a family member who isn’t fully mobile or able to do things on their own anymore, knows that it can be a big strain on a family. So, if they can afford to pay someone to help out, even just occasionally, it could really be helpful, not only for the person who needs the care, but for the family also.”