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This Is the Best Age to Buy Long-Term Care Insurance

If you wait too long to apply for coverage, you could be denied. So, when's the sweet spot to apply? Long-term care is jaw-droppingly expensive. The national median cost for staying in a private room at a nursing home is $102,200 per year, according to Genworth Financial. Receiving care in your home is cheaper, but even a home health aide will set you back more than $50,000 a year, assuming they provide care for six hours a day. Don’t assume Medicare will pick up the tab, either. It doesn’t provide coverage for ongoing custodial care such as that typically provided by assisted living and nursing home facilities. State Medicaid programs will pay for nursing home care but only after you’ve depleted almost all your assets first. Buying long-term care insurance is one way to cover the cost of care, but policies can come with their own hefty price tag.
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