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Considering Long Term Care

Ask anyone what one of their biggest costs will be in retirement, and health care costs almost always come to mind. That’s no surprise either, considering the fact that costs for insurance and health care have been soaring in past years and thus far have shown no signs of abating anytime soon. The cost for assisted living, for example, is about $32,000 a year, the equivalent of one person’s salary in many cases.

So with that in mind, some individuals buy long term care insurance in an effort to protect their assets down the road. Many consumers begin looking for such policies earlier on in their fifties when premiums are lower, and for good reason. A fifty-year old may pay $2,000 for a long term care policy, but a seventy year-old could pay $8,000 and up.

Whether considering a policy for yourself or a loved one, do proper research and get quotes from the 5 or 6 big players out there that offer long term care coverage.

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