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McCay & Associates

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When injury or illness requires long term nursing care or home care, the bills can really pile up. Long term care insurance can provide you with protection against the cost of home care, in a nursing or assisted living facility, or even in adult day care or hospice.

Long Term Care insurance is a necessary discussion when planning retirement. This type of plan can help you from draining your savings and other retirement options as you age, leaving your family well-protected.

It is estimated that 70% of people will need long term care in their lifetime. Most people think that long term care is only for the elderly. This thought is incorrect. Over two thirds of people who need long term care insurance are under the age of 65.

Long Term Care insurance can be quite expensive. One way to make long term care more cost effective is to take out a life insurance policy and add a long term care rider on it. The benefit of this method is that if an individual does not use the long term care benefit then it is paid out as a death benefit to the beneficiary. That means that unlike regular long term care that abenefit will be paid regardless of use so the person will not waste their money if they haven't used the policy.

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