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Long-term care insurance can help individuals with the cost of long-term care such as nursing home care once they need help with activities of daily living (ADLs), such as washing and dressing. The policy can help to ensure that individuals receive the care they need while protecting their savings. The annual premium for the best long-term care insurance policies can range from $900 to over $7,000 for an individual and are impacted by factors such as age, health, and type of policy chosen. There are two main types of policies, traditional and linked benefit.

Private nursing homes can cost up to $9,034 per month, and Genworth predicts that the cost will increase to $11,787 by 2030. Long-term care insurance premiums may seem expensive but are comparable to the cost of long-term care services. When shopping for a long-term care insurance policy, it is recommended to work with a financial advisor and to get quotes from multiple insurance companies since costs and coverage options vary among them. Additionally, married couples can save money on their policies by applying for coverage together.



Read more: Long-Term Care Insurance Costs | Money