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* . . .Chips returns with a certain air of satisfaction on his aging face. He says . . ."

http://www.americanquote.com/longtermcare.html says

The average 67-year-old man can expect to spend $56,895 on Long Term Care, according to the American Health Care Association. A 67-year-old woman can expect to spend $124,370.

Average nursing home stay is 2.5 years.

1/2 of Americans who reach the age of 65 will at some point live in a nursing home facility.

Chips again: So, it seems that self-insurance against this risk is a reasonable and responsible plan for people with suitably high assets.
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