60 Second Savings: Long-Term Care

Attention baby boomers: If you thought federal funds or your existing insurance plan was going to pick up your entire medical tab down the road, think again.

For example, on average, Medicare only pays for the first 20 days of nursing home care.

Instead, experts recommend applying for long-term care insurance, which typically covers services such as home health care aids, adult day-care facilities and assisted living.

"This is something a lot of baby boomers are going to need, because they're going to live a long time but not have the money to maintain themselves," says personal finance guru Jordan Goodman, who runs moneyanswers.com. ...