Illness can dramatically impact a person’s ability to achieve a specific financi
ID: 2724657 • Letter: I
Question
Illness can dramatically impact a person’s ability to achieve a specific financial goal. An aging society and health treatments and pharmaceuticals that extend lifespans increase the likelihood that many people will enter long-term care facilities for an extended period of time. Consider the cost of long-term care insurance. Is there a cost-benefit to purchasing long-term care insurance? Would your assets be completely protected by this insurance option? Are there specific considerations for individuals or couples? Note to document references in APA format.
Explanation / Answer
The ability of a person to achieve a specific financial goal must include a fit person who can take decision acurately. the lifespan increases on a long-term care facility if it is provided for an extended period of time. The cost of long-term care facilities for an extended period of time must include insurance policy which must cover health benefits schemes. There must be policies to provde aid in case of health issues faced on an emergency basis. There must be specific considerations for individuals or couples such as increment in the premiums so that more returns could be achieved on each policies. There must be improvisation in the scheme provided by the health insurance company to increase its demand.