The average cost for one year in a nursing home is $40,000, but can be close to $100,000 in some big cities. Round-the-clock care at home can be just as expensive. Medicare does not pay these bills beyond a short period of time after a hospital stay. Health insurance rarely pays any of the cost. Unless you have so little money that you will qualify for Medicaid, or so much money that you can pay the bills out of your own pocket, you should consider long-term care insurance.Four key reasons to buy long-term care insurance1. Preserve your assets for your family instead of spending the money on long-term care.2. The odds are one-in-three that a man over 65 will need long-term care; for a woman over 65, the odds are one in two.3. New rules make it hard to qualify for Medicaid.4. Premiums may be partially tax-deductible.Typical policy featuresElgibility triggers1. The inability to perform two or three specific “activities of daily living” without help. These include bathing, dressing, eating, toileting and “transferring” or being able to move from place to place or between bed and chair.2. Cognitive impairment. Most policies cover stroke, Alzheimer’s and Parkinson’s disease, but other forms of… Read full this story
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