October 26, 2007, Newsletter Issue #69: What Options Do I have for Long Term Care Expenses?

Tip of the Week

Maybe you have learned that Medicare won't cover long term care services and you are wondering what options are available for you? You can choose to purchase a Long Term Care insurance plan, but there are some other options available as well. Here are some ideas that may help you with your financial planning for long term care.

You can use your own personal savings and investment funds if needed.
401k plans and IRAs may be used for paying for long term care expenses.
If you have a life insurance policy, you may be able to cash it in or take a loan out against it.
If you have a home, you may choose to look into your home equity or a reverse mortgage.

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