It May Be More Affordable Than You Think (NAPSA)—For manypeople, the greatest deterrent from purchasing a | long-term care insurance is the notion that it is too expensive. However, with insurers delivering simpler long-term care in- surance policies, you may find long-term care insurance more af- fordable than you think. A long- term care insurance plan can be tailored to fit almost any budget. And, as the cost of long-term care services—including nursing home care, home health care and custodial services—rises, it doesn’t take long before it exceeds the cost of long-term care insurance. “With the national average annual cost of nursing home care over $65,000 andrising, the cost of just two or three years in a nursing home can wipe out the average American’s retirement savings,” said Mutual of Omaha senior vice president James Blackledge. Alternatively, said Blackledge, the break-even point for long-term care insurance can berealized in a short amountoftime. Consider this example: A 60year-old could purchase a basic policy with a five-year benefit period and a $100-per-day benefit for about $1,400 annually. If he or she were to need long-term care services in 10 years, the premium paid for the long-term care insur- ance ($14,000) would be paid back in benefits in less than six months ($100 per day x 140 days = $14,000). It’s common for companies to offer a variety of preferred rates Some long-term care insurance policies offer tax advantages that allow you to deducteligible premium amounts as medical expenses. Asset Protection Unless skilled nursing care is also required, Medicare does not cover assistance with activities of daily living—mobility, dressing, housekeeping and meal preparation—often associated with most long-term care services. With Medicaid, a person mustfirst use nearly all of his or her financial assets to becomeeligible. “Long-term care insurance protects your assets so you don’t have to watch your life savings whittle away. It provides coverageforall types of services whether at home, in an assisted-living facility or a nursing home,” Blackledge said. “With longer life expectancies, the married couples and membersof certain associations. Some longterm care insurance policies offer likelihood of needing somesort of long-term care services increases.” Because you never know when you're going to need long-term care, experts advise selecting a company that is experienced in long-term care insurance and the benefits paid by long-term be around to provide you with cov- lier a person purchases long-term For more information on long-term care insurance, visit mutualofomaha.com. and discounts for good health, tax advantages that allow you to deduct eligible premium amounts as medical expenses. In addition, care insurance policies are taxfree. Like life insurance, the earcare insurance, the lowertherate. financially sound to ensureit will erage far into the future.
