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Insurance for the long haul: elder-care responsibilities spur boomers' interest in long-term-care insurance.(A HEALTHY RETIREMENT)
- Article from:
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Kiplinger's Retirement Planning Guide
- Article date:
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September 22, 2007
- Author:
- Lankford, Kimberly
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Copyright informationCOPYRIGHT 2007 The Kiplinger Washington Editors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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EXPERIENCE IS THE BEST--AND OFTEN HARSHEST--teacher. As more and more baby-boomers find themselves caring for elderly parents, many are developing a new appreciation for long-term-care insurance. Nancy and Ken Holm count themselves among the converted.
Kerfs mother spent three years in a nursing home before she passed away in 2003. The entire family was grateful that she had a long-term-care policy so she could afford the best care available in her area. "The insurance policy simplified everything when my mother-in-law was so sick," says Nancy, 59. The experience also prompted her and Ken, 63, to buy policies for themselves so that their only ...