The cost of aging has a youthful ability to grow: A 2010 study by Genworth Financial found the national median monthly rate for a single person in an assisted-living facility was $3,185 — up 12% from 2009.
That makes smart shopping for long-term-care insurance a must. Coverage is pricey: A 55-year-old buying insurance that provides a $100 daily benefit for three years of care will pay a $723 annual premium, the American Institute for Long Term Care Insurance says. Here are ways to manage the expense:
Track changes. Some carriers have had to raise premiums more sharply than others. More modest increases may suggest a more stable carrier.
Don't overbuy. The average nursing home stay is less than three years. "Don't buy more coverage than is typically needed," says LaPorte, Ind., certified financial planner Drummond Osborn.
Cost-share. Put some savings toward long-term care. Then you won't need as much insurance.
Allow for inflation. "Costs will continue to rise," Osborn says.
Shop early. Begin in your early 50s; premiums are higher in your later years.
POWERED BY USA WEEKEND Magazine & more than 
