Thinking Long Term

Insurance for assisted living and other elder care lets boomers start small and add coverage later

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Correction Appended: September 9, 2008

Long-Term care is the kind of financial jargon that puts even actuaries to sleep. It refers to the potentially catastrophic medical costs associated with the in-home care, assisted-living facilities and nursing homes that nearly half of 65-year-olds will need in some measure near the end of their lives. Regular health insurance excludes these expenses, and Medicaid does not pick them up until virtually all your resources have been exhausted. You can easily spend $300,000 on just two years of care.

To sign up more boomer customers--a generation ripe for coverage but still classically in denial about its...

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