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Taking the Mystery Out of Long-Term CareMany Americans are woefully uninformed about the costs and funding sources associated with long-term care. A national survey undertaken on behalf of the AARP recently found that only 15 percent of respondents aged 45 and older could estimate the costs within 20 percent of the national average. Furthermore, more than half of those surveyed mistakenly believe that Medicare will pay for long-term care.1 Few people realize that the national average cost of a nursing-home stay is now more than $4,600 per month.2 A long-term-care insurance policy may help you prepare for the future and protect your retirement savings by providing an important source of funding for necessary care. Facing
the Facts
Long-term-care insurance enables you to pay a known and generally affordable premium in order to offset the risk of higher out-of-pocket expenses. It can help cover the cost of daily skilled care in your home, nursing care or rehabilitation services offered by trained professionals, or even full-time custodial care in a nursing facility. You should also know that premiums for long-term-care insurance typically become more expensive as you age, and insurance companies may not issue you a policy once you have suffered a debilitating illness or injury. If you want to protect your health and your retirement savings, here’s a clue worth discovering: The more you know about long-term-care services and what they could cost, the better prepared you will be to make informed financial decisions.
1, 2) AARP, December 2001 © 2002 Emerald Publications
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