Excerpt from: Chicago Tribune (click for full article)
To hear some insurance agents tell it, everyone older than 55 should
have long-term-care insurance. The argument they make is compelling:
Medicare doesn't cover most nursing-home care, and Medicaid won't kick
in until you've exhausted most of your assets.
A comprehensive long-term-care policy is the best defense against the
cost of a catastrophic illness and will preserve assets you want to
leave to your children. But you won't enjoy those benefits if you can't
afford the premiums. What your agent may not tell you:
-- The cost of premiums could jump.
-- You may not need long-term care. You're less likely to end up in a nursing home if you're married.
-- There's a huge variation in price for the same level of coverage.
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