Paying for Long-Term Care: How It’s Changing

[source: Paying for Long-Term Care: How It’s Changing Options beyond a traditional policy to cover long-term care costs By AMY FONTINELLE]

As the ‘boomer generation’ continues to age, the question of what to do about long-term care costs only becomes more important. With the national median cost of a private room in a nursing home coming in at $9,034 per month, according to Genworth’s Cost of Care Survey, having to pay long-term care costs can quickly drain your savings.

There’s no way of knowing whether you’ll need long-term care, nor is there any way of knowing how many months or years you might need care for. Still, you should consider protecting yourself against this potentially devastating expense with long term care insurance.

Insurers have developed a variety of ways for consumers to protect themselves against the risk of needing expensive long-term care, from simplified stand-alone policies to hybrid life insurance and long-term care policies to annuities with long-term care benefits.To read the rest of the article, click here:

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