Many consumers may not realize that Medicare does not cover long-term care, and paying for such care themselves will drain assets very quickly, writes Judy Clinco, founder and president of Catalina In-home Services in Arizona. Long-term-care insurance provides an important safety net, as HHS data indicate 40% of seniors will stay in a nursing home at some point in their lives. "True, family members can — and often do — provide this care," she writes. "But the work is often exhausting physically and emotionally and it can require the family caregiver to put his or her own life on hold."
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