AUGUST 2018 • LONGISLANDPRESS.COM 21
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A long-term care insurance policy provides income if you become dependent on someone else’s care or require assistance for basic living tasks.
WORST-CASE SCENARIOS
By SHERYL NANCE-NASH
You’ve likely heard the sobering statistic: About 70 percent of people 65 and
older will need long-term care.
The price tag is just as frightening. Typical monthly costs on Long Island for
an assisted living facility are $4,000; a semi-private room with nursing home
care, $13,535; and for a private room with nursing care, $14,220, according
to Genworth’s 2017 Cost of Care Survey.
So how do you pay for care? A long-term care insurance policy is one strategy.
This provides income if you become dependent on someone else’s care
or require assistance for basic living tasks and needs due to a chronic or
prolonged illness, degenerative disease, or other condition that necessitates
care at home or in an assisted living or long-term care facility.
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