The best financial plans can guide retirees through the rest of their lives except for one stage of life — their final days. Retirees who becomes unable to care for themselves face daunting costs in the final stage of life that many times can leave them penniless.
One way many people protect themselves from this is buying long-term care insurance. But the costs make it difficult for many in the working class. A couple around age 50 can expect to pay around $4,000 a year for the insurance. And that premium doesn’t always stay the same. This year, some insurers raised premiums as much as 40 percent. The good news is that up to a certain limits, long-term care premiums are eligible for a tax deduction.