In the event something happens to you when you are older and requires assisted living, nursing home residence, in-home care, or anything else for an extended period of time, the costs of the services can become very large. Long-Term Care insurance can help fit the bill for those costs. Like most insurances, the longer you wait to purchase it, the more it costs, or the higher risk of denial. If you are able to afford the insurance, it is a good decision. Most people with lower incomes can rely on Medicaid. Most individual insurances only offer coverage for a short term and require a long qualification period, with many questions about your health and medical history. Inflation riders are available to cover any additional costs due to the economic rise or fall.
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Should I Buy Long-Term Care Insurance?