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Supplement to Money Matters “Understanding long-term care insurance”

Finding long-term care coverage
There’s help available in finding long-term care coverage or an alternative.

You can receive three free care quotes with a call to Long-Term Care Quote, (800) 587-3279, on the Internet at www.longtermcarequote.com, or by writing the company at 25 S. Arizona place, Suite 560, Chandler, AZ 85225.

Also try checking with your life-insurance agent or AARP, www.aarp.org.

Equally important, insist on insurers rated “A” or better by A.M. Best (www.ambest.com) or “strong” by Standard & Poor’s (www.standardandpoors.com).

Learn more about reverse mortgages online at: www.reversemortgage.org, www.reverse.org, or www.financialfreedom.com.

—Research by Barbara Betts
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Consider a reverse mortgage to help with healthcare costs
What to do if you can’t get insurance or want to hang on to the money that otherwise would be spent on premiums?

If your home is totally or mostly paid for, consider tapping the equity if a calamity strikes through the use of a “reverse mortgage.” This tool allows homeowners age 62 or older to essentially sell the property back to the bank in exchange for monthly payments, a lump sum, or a line of credit. This “loan” is not due until the homeowner dies or the property is sold.

If your health is good, consider buying an immediate annuity from an insurance company, which would give you a lifetime stream of monthly income, just like a pension. If you don’t eventually need the money for nursing-home care, you’ll have some cash to pass on to heirs.






To read the Kentucky Living August 2005 MONEY MATTERS column that goes along with this supplement, click here: Understanding long-term care insurance

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