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A lot of people cover this with long term care insurance.

From what I've read, whether LTC make sense depends on what the couple has in assets. If they have a small amount, and that number varies depending on who is writing the article, they spend the assets down and then depend on Medicare. If they have a lot in assets, again a variable number but generally $3M - $5M+, they self-insure and are unlikely to run out of money. LTC seems to make the most sense for the people in between.

The problem with LTC is when to buy it. Buy it too soon and you spend a lot of money before you need too even though the rates will be lower. Try to buy it too late and you may not be able to find an insurer who will sell it to you at a price you can afford or even at all.

We bought ours when we were 59. I was still teaching and the NEA offered a good middle-of-the-road policy through John Hancock. With good luck, we'll lead long full lives and never need it or any of our other insurance policies.

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