Long-term care insurance: What you need to know - CBS46 News

Long-term care insurance: What you need to know

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(Source: WGCL) (Source: WGCL)

Insurance industry experts say three out of four Americans will need long-term care sometime in their lives.

But what many people don't realize is that health insurance won't cover that care. And unless you are very rich or very poor (where the cost is covered by Medicaid), you'll find it difficult to pay the average $200 a day that nursing homes charge.

Long-term insurance policies can handle the costs of nursing homes, assisted-living facilities, or in-home care without putting your retirement savings in jeopardy. Monthly premiums depend on your age and health.

As Better Call Harry found out, it's not too early to consider this coverage.

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