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The Real Cost of Long-Term Care

By Nikhil Hutheesing - 2012-11-26T15:38:10Z

Photograph by Benedict Redgrove/Gallery Stock

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Long Term Care Insurance

Only about 9 million Americans, young and old, had long-term health-care insurance in 2010, according to AARP. One reason: AARP's Lutz says determining the premiums you have to pay and the benefits you receive can be difficult. The results depend on many factors, such as how old you are when you buy, the kind of coverage you choose and your overall health. If you have preexisting conditions, you may not qualify. Premiums have been rising as insurance companies earn lower interest on those payments. Other insurance companies have stopped providing long-term care insurance altogether.

$2,207: Average annual premium in 2007 for all kinds of long-term care insurance, covering almost five years of benefits -- U.S. Department of Health and Human Services