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Timing and Types of Long-Term Care Insurance
- Consider long-term care insurance in your late 50s or 60s to keep premiums affordable.
- When buying, shop for hybrid policies that provide long-term benefits even if unused.
Longevity Drives Care Costs Up
- As people live longer, the cost and length of care needed increases significantly.
- Planning ahead can prevent burdening family financially and emotionally in old age.
Managing Parents’ Care Costs
- Kim's parents in their 90s live at home with private nursing care costing around $150,000 annually.
- They avoided costly assisted living facilities, illustrating financial and emotional complexities of elder care.