"It relieves the family members from making certain difficult decisions about care," he says. "It provides a tremendous amount of freedom."

Without LTC insurance, children may have to bear the burden of paying for your care themselves. They may have to select a less-than-appropriate level of care because they can't afford anything more intensive.

Another benefit of LTC insurance is that it can shield your estate from costly medical expenses, leaving more for your children to inherit.

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