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Long-term care insurance is designed to help cover the costs of long-term care for an individual. You, along with your family and physician, can determine where it is best to receive that care.
Determining if you need long-term care insurance will depend on the following:
- The risk to your overall retirement goals.
- The risk to your income and assets.
It is difficult to know if, when, and how long you will need long-term care.
You should consider long-term care insurance for the following reasons:
- To help protect assets and income.
- To help stay independent of financial support from others.
- To help maintain options in selecting types and place of care.
- To help feel secure that if you need long-term care you are covered.
It is a good idea to consider long-term care insurance during preretirement planning. Like life insurance, you are likely to qualify for a better premium when you are younger and in better health.
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