While long-term care insurance can be a good way to pay for a nursing home stay or a home health care worker, it doesn't come cheap. Annual premiums vary significantly, depending on your age, health, and the type of policy, but policies can run as high as $5,000 per year. You do not need to pay that much, however. There are some ways to reduce costs:
- Buy a shorter benefit period
- Buy when you are younger
- Get a “shared care” policy with your spouse
- Purchase a longer elimination period
- Reduce the daily benefit amount
- Buy inflation protection with simple-interest increases
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