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Financing retirement homes with an insurance policy can help meet the expenses you'll encounter, you must be careful. If you are considering an insurance policy, make sure that it pays benefits immediately upon entry into a nursing care facility or senior retirement home. Many insurance policies, which are purchased prior to the need for nursing care, require a waiting period after entry into a nursing care facility before payments are made. It is highly unlikely that nursing care insurance can be purchased after a person has entered a nursing care facility.