The high costs of long term care in a nursing home will often devastate a senior’s nest egg. With increased longevity, more and more American seniors – as many as 7 out of 10 – will be faced with needing care while in retirement. Many mistakenly believe these expenses are covered by health insurance or Medicare, so it’s critical to understand how to pay for care when you need it.
Medicare provides only minimal long term care support and Medicaid will only fund care for those with low income and minimal assets. Those who do not buy long term care insurance will be faced with paying for expensive care out of their own pocket.