Nancy Nall Reporting
What do you pay for peace of mind? Let’s put it this way: It doesn’t come cheap.READ MORE: Michigan Announces $1.5 Million Tuition Giveaway, 100 Children To Receive $15,000
Many older adults, facing the prospect of long-term nursing care, look around for ways to protect themselves against the staggering cost of the service, and reach for long-term care insurance. The good news/bad news breakdown is simple: Long-term care insurance can protect those with substantial assets by covering the cost of nursing-home care in later life, but it isn’t cheap.READ MORE: AAA Offers 'Tow To Go' Program During Memorial Day Weekend
Daily nursing-home care in the state of Michigan averages $182, according to the AARP Bulletin, or more than $5,000 a month. Expect to pay that much a year for long-term care insurance, should you purchase your policy in your 60s. (Those who buy in their 50s could pay around $3,000 a year.) The cost could be higher, and the quality of the policies varies widely.
Any insurance-policy purchase is a bet on the future, and should be made only after careful investigation. The AARP Bulletin carried a recent comprehensive story on the subject. You might also find help at the Federal Trade Commission site or at the Consumer Law Page’s guide to avoiding fraud in LTC policies.MORE NEWS: Holiday Travel And Gas: What To Expect At The Pump
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