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Planning For Long-Term Care For Dummies by Carol Levine

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Chapter 11

Paying for Care: Long-Term Care Insurance and Other Options

In This Chapter

arrow Considering the pros and cons of long-term care insurance

arrow Getting help from a disability or life-insurance policy

arrow Letting your house bring in income with a reverse mortgage

arrow 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 ...

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