What is long-term care insurance and do I need it?
Long-term care insurance helps cover the costs of care when you have a chronic illness or disability. It's essential if you want to protect your savings.
What types of services does it cover?
It typically covers services like nursing home care, in-home care, and assisted living facilities.
At what age should I consider getting it?
It's advisable to consider it in your 50s or early 60s, as premiums are lower when you're younger and healthier.
How much does long-term care insurance usually cost?
Costs vary widely based on age, health, and coverage options, but it can range from $2,000 to $5,000 annually.
Are there any alternatives to long-term care insurance?
Yes, alternatives include savings accounts, health savings accounts (HSAs), or hybrid policies that combine life insurance with long-term care benefits.
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