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What is long-term care insurance?

Long-term care insurance is insurance that pays for the cost of nursing home care. There is a daily benefit, typically $300 a day. Sometimes there’s a cost of living adjustment that goes with it, so the coverage increases over time. These days there are hybrid policies that are long-term care and life insurance. You should speak with an insurance professional before getting long-term care insurance, but long-term care insurance is an important part of your Medicaid plan.

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