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Mark Miller: Remaking Retirement

Buying Tips for Long-Term Care Insurance

Insurance might be one of your better options for funding a long-term care need, but shopping smart is critical in the troubled LTC insurance market.

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The cost of health care is a key wild card in any retirement plan. Out-of-pocket spending can vary widely, depending on longevity, health status, and income--even where you live makes a difference. But most estimates on retirement health-care costs don't factor in an even bigger challenge: paying for long-term care.

Experts estimate that 70% of Americans over age 65 will need some type of long-term care--though not everyone will wind up in a nursing home. Many seniors receive care in community settings or from family members at home.

Mark Miller does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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