Mom and dad took care of you when you were a kid, helping you eat, wash, and get dressed. You may have to do the same for them in their old ageor pay someone else to. That could burn a big hole in your pocket: A few days a week of custodial care at home can add up to more than $10,000 annually, and a stay in a skilled nursing facility costs from $25,000 to $100,000 a year.

The insurance industry wants to sell you a solution: long-term-care insurance. It’s a hot new product, but far from the slam dunk many of its supporters claim. My advice: Buy only after shopping carefully and consulting someone conversant with Medicaid, geriatric care, and state law on elder-care issues.

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disease, healthcare, insurance