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What you need to know about long-term care insurance

What you need to know about long-term care insurance

What you need to know about long-term care insurance
News from CBS News:

Here’s a killjoy question for people who think they’ve saved enough for retirement: Have you thought about the cost of long-term care and the possibility that you might need it?

The government estimates that 70 percent of seniors will need some form of long-term care assistance before they die. For those unfortunate few who will require the most costly type of long-term care, the tab can be astounding: about $ 240,000 for the 2.8 year “average” nursing home stay.

Some experts say the best way to handle that potential cost is with long-term care insurance. However, this insurance isn’t a good deal for everyone, says Carolyn McClanahan, a medical doctor turned financial planner. Everyone needs a long-term care plan, she adds. But only some families need to pay for long-term care insurance.

This may be raising some questions for you, so here are a few answers.

What is long-term care insurance?

It’s coverage specifically earmarked for paying the cost of nursing home or in-home assistance for people who don’t have a medical ailment, but who without help are unable to handle some of the basic activities of daily living, like eating, drinking, walking, dressing, bathing.

Payments under the policies are triggered when the policyholder loses their ability to perform two or more o…………… continues on CBS News

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