long-term care insurance

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How to Prepare for the Cost of Aging with Long-Term Care Insurance

Insurance involves thinking about the possibility of misfortune—everything from a damaged car, to a damaged home, to damaged heath. And the older we get, the more we need to consider the possibility of long-term care (LTC) insurance to help in our twilight years. What is Long-Term Care Insurance? LTC is an insurance policy that pays for care when you can no longer manage yourself. Should you need to enter a nursing home, move to an assisted-living facility, use an adult daycare center or have a caretaker in your home, LTC can protect you, and family members, from financial disaster. How High Are Long-Term Care Costs? The costs of long-term care are staggering. According to the 2018 edition of Genworth’s Cost of Care Survey, nursing home care averages $8,365 per month for a private room ($7,441 for semi-private), $4,000 per month for an assisted living facility. Homemaker and Health Aide care…

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