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Long-Term Care Insurance
Long-term care insurance covers a variety of medical, personal
and supportive services provided at home, in an assisted care
facility or in a nursing home for an extended period of time. It
can help you avoid depending on others for care, preserve your
independence, protect your standard of living and give you greater
choices if you need confined care or home health care.
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When should you buy long-term care
insurance?
If you’re over age 65, the need for long-term care insurance
may be obvious – you want to plan ahead, to be able to pay for
any long-term care expenses without draining your retirement
savings or becoming a burden on your family.
But here’s something that may surprise you: if you’re 50-, 45-
or even 40-years-old, you should consider adding long-term care
insurance to your portfolio. If you require long-term care
services because of a serious accident or illness, how will you
pay for it? Disability insurance will replace a portion of your
income, but you already have other expenses to pay with that
money. Long-term care insurance meets that need. Also, buying
long-term care insurance at a younger age generally ensures
you’ll be paying the same premiums years from now, keeping your
costs down.
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