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Young Adult needing LTCAlthough long-term care insurance can be used by people of any age, it is always a very valuable addition to a retirement portfolio.

Long-term care insurance (LTC coverage) can protect your retirement savings from being consumed should you have a qualifying event that requires paid long-term care services at home or in a medical- or assisted-care facility. Sometimes, a policyholder will recover and go back to life as normal — for example, after a stroke or an accident. Sometimes, a patient will need paid care until death. Either scenario could use up a family's savings. Long-term care insurance can help by paying for qualified expenses and leaving retirement assets intact.

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A variety of riders can be purchased. Some protect against inflation's effects on your benefits, and some guarantee the return of your premiums upon death. Long-term care insurance may carry tax benefits as well, and some companies offer dividend eligibility after a certain number of years.

There are many options for waiting periods, co-payments, special benefit riders and insurer payment limits, so ask your Sparks Insurance agent about your choices.

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SOURCE - Mines Press - COPYRIGHT ©2018. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is understood that the publishers are not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert advice is required, the services of a competent professional should be sought. 2/18.

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