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Kiplinger: What Retirees Need to Know About 3 High-Cost Financial Products

Long-Term-Care Insurance

To hear some insurance agents tell it, everyone older than 55 should have long-term-care insurance. The argument they make is compelling: The median cost for a private room in a nursing home is more than $81,000 a year. Medicare doesn't cover most nursing-home care, and Medicaid won't kick in until you've exhausted most of your assets.

A comprehensive long-term-care policy is the best defense against the cost of a catastrophic illness and will preserve assets you want to leave to your children. But you won't enjoy those benefits if you can't afford the premiums. The average annual long-term-care insurance premium for a 60-year-old couple in good health is $3,335 for $340,000 in coverage, according to the American Association for Long-Term Care Insurance. What your agent may not tell you:


More From Kiplinger:
QUIZ: Are Annuities Right for You?
10 Least Tax-Friendly States for Retirees
10 Things You Must Know About Social Security

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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