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How Much Will Long-Term Care Insurance Cost?

How Much Will Long-Term Care Insurance Cost?

The cost of long-term care insurance varies depending on the policy and the age of the insured. Generally speaking, however, the insured can expect to pay between a hundred to several hundred dollars a month. Typically the total cost adds up to at least a few thousand dollars per year.

Furthermore, you will be required to continue paying the premium through your retirement (until you begin using the insurance), and if you fail to pay the annual fee, you might lose some or all of your coverage (regardless of how much you have paid up to that point).

Therefore, it is important to make sure that your financial plan accounts for the need to consistently make payments from now until you need the benefits, if you ever do.

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Keywords: financial planning, medical expenses, retirement, long-term care insurance, insurance premium,