This is guest host Andrew Horowitz from the Disciplined Investor Podcast.

And today I'm Money Girl. I'll be discussing the basics of long-term care insurance and tips on a new policy design that may actually be wallet friendly.

Are you approaching retirement age and wondering what you'll do

if you can no longer care for yourself or your spouse into the future? Maybe you have a

parent that is starting to lose their mental faculties or might need someone to

care for them soon.

There are over 77 million people in the United States classified as baby boomers that are just

now turning 60 and are considering if retirement is an option.

They make up a whopping 27.5% of the overall population.

While many people don't like to discuss the possibilities

and what can happen in the future,

it is something that needs to be discussed and planned for.

Depending on what happens and what the person's needs are, there are nursing homes, assisted

living facilities, adult daycare, and at-home assistance. These all have varying price tags associated

with them but the underlying reality is that none of them are cheap. Let's face it, good

care is expensive. Today a nursing home can range from $150 to $300 a day. That's an average of $70,000

per year or more. Phew, that is higher than many husbands and wives salaries combined. We know one thing health care prices will

continue to rise especially since the industry is expecting so many more clients

with the baby-born generation transitioning into this stage of their life. That is why long-term

care insurance has become so important and a significant component of the revenues

for the insurance industry. Remember while you may not be in an age range to need the coverage just yet, there

may be someone older who will soon need to rely on you for care.

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