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Thursday, October 16, 2014

How To Pay For Long Term Care?

America’s aging baby boomers will double the older population to an estimated 77 million by 2030.

According to Sandra Timmermann, director of the Met Life Mature Market Institute, New York City, New York, as the population ages, more and more people will need long term care. The U.S. government reported long-term care insurance policy costs increased by 5 percent in 2011, and by 2015 costs are expected to increase by 13 percent.

Here are six things that you should know before buying or starting the process of obtaining long term care insurance.

1. Pay for experience
2. Due diligence
3. Know what you are buying
4. Daily Benefit
5. Benefit period
6. Inflation protection

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