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Long Term CareLong Term Care Insurance (LTC) is increasingly becoming an important component of a professional's financial plan. The average yearly cost of nursing home care in 2007 was $77,745 according to the MetLife Mature Market Institute and the cost is estimated to be $336,009 annually by 2037. Increasing life expectancy has combined with rising costs of LTC to make this an important investment for the future. Fortunately, LTC plans can be very affordable and can provide tax deductible financial benefits during high income years. LTC plans help pay for care without the use of personal after-tax dollars all the while protecting your retirement assets and providing peace of mind. "Having adequate long-term care insurance is the single most influential determinant of whether an individual will have a financially secure retirement."
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