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Annuities and life insurance can help pay for long-term care

Posted On Fri, November 19, 2010

As Americans continue to age and live longer, there is a greater need for long-term care assistance. Some people, however, don't plan ahead for the extra expenses that may arise during one's later years.

The Life and Health Insurance Foundation for Education says some annuity and permanent life insurance products can help pay for long-term care. In such a scenario, they say, people put down money up front that would provide funds for long-term care or serve as a death benefit.

Deb Newman, president of Newman Long Term Care and a board member of the LIFE Foundation, says people need to know their options when it comes to paying for care.

"Health insurance and Medicare generally only cover the cost of doctor and hospital bills, where long-term care insurance pays for a wide range of services, such as nursing home or at-home care," says Newman. "There are a number of options available today to help people design a plan to meet their needs and budget."

Given the high costs of home care, it's a major expense people should plan for. According to research by Prudential Insurance, a certified nursing assistant for home health aid costs an average of $21 per hour.

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