In This Chapter
Considering the pros and cons of long-term care insurance
Getting help from a disability or life-insurance policy
Letting your house bring in income with a reverse mortgage
Using regular income from an annuity
If you have read this far (and even if you haven't), you know that no form of insurance or healthcare coverage is free. The costs may be direct (as in Medicare premiums, coinsurance, or copays) or indirect (as in using up your own assets before you qualify for Medicaid). Planning to cover the costs of insurance is important but challenging. The marketplace is changing, and options that seemed adequate 10 or 20 years ago are now not so attractive.
In this chapter, I review the main options and offer some suggestions for questions to ask yourself, your parent, or the agent who is selling the product. These are decisions that you should discuss with professionals, especially a financial adviser who doesn't stand to gain by your choices or an elder-law attorney. Insurance is a necessary component ...