What you don't know about long-term care may jeopardize your retirement.
Wednesday, July 20, 2011 at 10:29AM Chances are you've put something away for retirement. But the truth is that your savings may be at risk from something you've never considered: the unexpected need for long-term care. Consider the facts: 
• Over 70% of those who live to retirement age will need long-term care at some time in their lives.¹
• Medicare has limited long-term coverage,² TRICARE does not cover long-term care,³ and Medicaid only offers support after your assets are spent down to state-required levels.
• Receiving care in a nursing facility can cost as much as $75,000 a year.4
• In-home care averages over $19 an hour, not including home modifications you may need.4
1 U.S. Department of Health and Human Services, National Clearinghouse for Long-Term Care Information, www.longtermcare.gov, September 2008.
2 America’s Health Insurance Plans, “Guide to Long-Term Care Insurance,” 2004.
3 TRICARE, “Long Term Care.” TRICARE. June 2009.
4 The national average of Nursing Home and Home Care from John Hancock Cost of Care Survey, November 2008.
Reader Comments (1)
This is a reality and the Medicaid rules will probably change soon. I recommend to my clients to get a long term care insurance quote in addition to the legal estate planning. Our mantra is Plan When You Can.
Matt Deliberato, Esq.
Estate and Asset Protection...It's all we do
KofC Member