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Education Planning

Long-Term Care Insurance

What is long-term care insurance?

Long-term care insurance is designed to pay for the often astronomical costs of long-term care for people with chronic disabilities. It includes custodial care — assistance with activities of daily life like eating, bathing and getting dressed — in a nursing home, assisted living facility or the patient's own home.

With most people living longer now, the need for long-term care insurance will likely become more pronounced. For instance, government statistics indicate that the majoirty of Americans over the age of 65 will eventually need some type of long-term care.