Long life insurance

Billy Ballinger says she's bought her and her family some peace of mind – a long-term care insurance policy.



The 64-year-old Burleson woman doesn't want her two sons to worry if she ever can't care for herself.



So she purchased a policy two years ago that will pay $174 a day for up to 5 ½ years of care in a nursing home, an assisted-living facility or her home. The monthly premium is $163.



"People don't think anything will happen to them when they grow older, but it can and does," she says.



Ms. Ballinger is one of 7 million Americans who have made long-term care insurance part of their retirement planning.



They're buying policies to lighten the caregiving burden on their families, to give themselves more say in where they'll receive care, and to preserve assets for their spouse or heirs.



Despite what many people think, ordinary health insurance and Medicare generally don't pay for long-term care.



But the insurance isn't for everyone. If you have plenty of money, you may decide you can pay for your own long-term care. And if you don't have any assets to protect, then Medicaid, the insurance program for the needy, will cover you.