Give the Gift of Long-Term Care Insurance

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If you're struggling with what gift to get your parent for his next birthday or an upcoming holiday, consider an unconventional present that could buy both of you peace of mind: a long-term care insurance policy (for which you'll pay an annual premium). A year in a nursing home can run upwards of $50,000, while long-term care insurance starts at around $1,500 a year, depending on your parent's age and health. Because your parent's health may make long-term care insurance premiums prohibitively expensive, be sure to check with your family's financial planner or insurance broker to see if this makes sense for your parent.

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