A Fresh Look at Long Term Care
Yes, you can afford coverage that pays nursing-home costs.
Could you afford to withdraw $250,000 from your retirement savings to pay for one year in a nursing home? Based on current charges, that's the projected cost in 25 years, when today's 55-year-old is likely to need care. And with nursing-home stays averaging about 2.5 years, your total bill could top $600,000 -- which could quickly drain your retirement accounts, leaving you and your spouse with little savings and your heirs without an inheritance.

Long Term-Care Mistakes
Avoid these five blunders people commonly make when trying to cut premium costs.
In an attempt to hold down your long term-care insurance premiums, you might cut some corners that could cost you a lot of money in the long run. Avoid these five common mistakes:

Medicaid Gets Tough
Prepare to pay for your own long term care.
William Zatlin, of North Babylon, N.Y., may not realize it, but his bed in a Long Island nursing home costs about $11,000 a month and wiped out his cash savings in less than a year.

Understanding the New Medicaid Rules
These resources will help you follow developments in your state and learn about other changes in the law.
A new federal law that took effect on February 8, 2006, makes it tougher for seniors who give away money to family or charities within five years of entering a nursing home to qualify for government-subsidized care through the medicaid program.