There are many reasons American seniors ignore long term care when planning for retirement, but none of them are good reasons.
Some seniors mistakenly believe they’re not likely to ever need care even though statistics indicate otherwise. Many mistakenly believe that Medicare will pay for care if they need it although Medicare pays for no long term care at all. Others are counting on Medicaid without understanding they have to become spend-down their retirement just to qualify for benefits. Others feel that their children will bail them out by either providing care themselves, paying the care needed, or counting on Uncle Sam to come to the rescue.
Lastly, many simply balk at the cost of buying long term care insurance or they wait until it’s too late to qualify for this critical long term care coverage.
READ MORE: Ignore Long Term Care Planning at Your Peril