money guidance and how to get rich_32

_{First, these policies vary widely in terms of cost, what they cover, and}

_{when they will actually pay. This makes it very tough to compare them.}

_{One good strategy is to start early. If you wait until you're 75, the}

_{cost will be fairly steep. Many policies allow you to buy in your 50s}

_{and enjoy a fixed premium for the rest of your life. This can be a good}

_{deal. It's also smart, because you can suffer ill health at any time and,}

_{once you do, you may have trouble getting long-term care insurance.}

_{Better to sign up while you're still healthy, if possible.}

_{Another strategy is for a couple to shop for coverage together. Some}

_{companies will offer a substantial discount if you're buying two policies}

_together.

_{If at all possible, get a policy that hikes the amount of your benefit}

_{to keep pace with inflation. This is especially important if you're buying}

_{the insurance relatively early in life. You may not need it for 20}

_{or 25 years. But, when you need it, you don't want it to have become}

_{a pittance.}

_{As with disability insurance, you can decrease your cost if you're willing}

_{to accept a lengthened waiting period between when the need occurs}

_{and when the benefits kick in. You might also limit the policy's}

_{payments to include only part of a nursing home's costs, planning to}

_{make up the difference with Social Security or some other income or}

_savings.

_{Other things to look for in a policy:}

_{• No prior hospitalization is required. (Some policies require this}

_{before paying for nursing home expenses.)}

_{• Home health care is covered (in case you don't want to and don't}

_{need to go to a nursing home).}

_{• You're covered no matter what kind of nursing home you choose.}

_{• The policy doesn't limit its coverage to just "skilled care." This is}

_{required by a tiny fraction of long-term care patients and is one way}

_{insurers can try to dodge payments — by severely limiting what}

_{they'll pay for.}