Despite what some might think, it isn’t limited to long hospital stays or time spent in nursing homes. For example, stays in memory-care facilities, hospice care, home health care and adult daycare are all covered as well. For the more than 50 percent of people who are likely to need long-term care, costs can add up quickly. The U.S. Department of Health and Human Services estimates that a month’s stay in a nursing home facility can cost around $7,700, while home health aides could run you up to $20 per hour, with higher rates on weekends, holidays and in the evening. While a short period of your care may be covered by Medicare, once that time period is up, you’re on your own. One way to make sure a potential need for care is covered is through long-term care insurance. Having insurance can be the difference between compromising between your physical health and knowing you can afford the quality of care you deserve. To help prepare you for the long term, most policies also come with inflation riders that will help offset the costs of your coverage later in life, when you’re more likely to need it. The healthier you are when you apply for coverage, the more likely you are to be approved.

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