4. Long-Term Care Insurance
This is a type of health insurance that can help pay medical and other expenses if you have a chronic illness or disability.
Long-term care can be provided at home, in an assisted-living facility or in a nursing home. Long-term care premiums can seem expensive, but your Financial Advisor may be able to help you lower the cost by, say, opting for a longer “elimination period,” which is the waiting period before benefits kick in. You can choose an elimination period of 30, 60 or 90 days or even longer, depending on how long you think you can afford to pay health-care costs yourself. You might also ask your advisor about other options, such as a single-premium life-insurance policy that gives you tax-free access to the policy’s death benefit to pay long-term care costs.
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