If you're trying to decide between purchasing long-term care insurance and self-funding, consider these factors.
As we grow older, the prospect of needing long-term care becomes more and more of a reality. For starters, there is about a 70% chance that today's 65-year-olds will require long-term care services and support during their remaining years, according to the Administration for Community Living . And, statistics also show that women need care for longer — 3.7 years on average — compared to men .
Self-fundingSelf-funding long-term care means that you plan to cover the costs out of your own financial resources, which can include savings, investments and other assets. Here are some important factors to consider when weighing whether self-funding is the right move for your finances:Control: Self-funding allows you to retain control over your assets and how they are used for your long-term care needs.
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