We all have fears about the out-of-control cost of long-term care. As parents, we fear that we’ll outlive our life savings and become dependent on our children for financial support. And as children, we fear our parents will spend their life savings to pay for long-term care and need to rely on us for financial support.

The cost of long-term care insurance is steep, but limiting your coverage to four years costs you a fraction of the cost of nursing-home care.

How much your policy costs depends on your age, your health, and how long the policy coverage lasts. If you are 65 and in good health, a policy that offers four years’ coverage would cost about $3,000 per year - which is nothing compared to what a year in a nursing home would be.

Long-term care insurance is an important estate planning tool in your overall financial plan.

The Best Long-Term Care Policy for You

While there’s no easy, "one size fits all" long-term care policy, you can match your needs with a long-term care policy from one of these insurance companies.

• State Farm
• John Hancock
• Genworth

These companies offer better coverage, for less money, than most other insurers. And you can cut your costs even more by designing your own policy.

We recommend that your policy include:

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