Have you ever worried about medical costs consuming your savings? Rising medical costs and longer life expectancies are making this a concern for many. There are some government programs like Medicaid and Medicare that can help cover some expenses of long-term care. However, there are restrictions on what is covered and qualifying for these programs may only be possible after you have used all your personal savings.
Typical employer-based health coverage doesn't pay for daily care services, and Medicare will only cover a short stay in a nursing home or a limited amount of at-home care. And so, long-term care insurance was born.
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