Don’t expect to cover long-term care costs with health insurance or Medicare. These provide only limited coverage for specific types of long-term care, according to the Administration on Community Living. And you likely won’t have enough money to self-fund your care, Geary said.
That’s why you should consider a long-term care insurance policy. If you don’t like the idea of paying for insurance you may never use, you could get a life insurance policy that provides a long-term-care benefit. You can save money on premiums and reduce your risk of being denied coverage if you apply for a policy before age 50, Geary said.
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