Give the Gift of Long-Term Care Insurance

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.