While costs for nursing home care vary widely, they average about $4,500+ a month. This can cost approximately $70,000 to $90,000 a year. A study by the U.S. Department of Health and Human Services says that people who reach age 65 have a 70 percent chance of needing some form of care. About 10 percent of the people who enter a nursing home will stay there five years or more. Long Term Care Insurance can help protect senior’s estates from these catastrophic costs.

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LTC insurance can also help seniors with peace of mind knowing they will not be a burden to their kids and instead maintain their independence.

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STC insurance works like Long Term Care but is limited to one year of benefits, STC costs less and is easier to qualify for. So it can be a good alternative. After all, every claim uses at least a portion of the first year.

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