Retirement & Financial Planning Report

Long-term care policies with lifetime coverage are extremely expensive. The average stay in a nursing home is 2.1 years for men and 3.2 years for women, so you probably won’t need lifetime coverage. To cut costs, buy a policy that pays benefits for up to four years. With a four-year benefit period, you’ll have time to transfer assets to loved ones after institutionalization begins and the LTC policy starts paying.