Nursing home costs are likely to approach $175,000 a year by 2021, according to ConsumerReports.org, a figure large enough to strike fear into the hearts of even the most well-heeled individual.
Complicating matters is the difficulty of choosing a long-term care health insurance plan, paying premiums for many years, and then having confidence that the coverage will kick in as advertised, when and if needed.
The Managing Your Wealth column of Connect With Vanguard offers some suggestions on how to deal with the issue. They advise:
·Buy a policy with nonforfeiture benefits (even though this may add 30 percent to the policy’s base cost).
·Purchase an indemnity-based policy, which kicks in once a chronic disability has been established.
·Add an inflation-protection rider.
·See if your premiums, all or in part, may be deductible on Federal income taxes.
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