Many seniors and their financial advisors spend decades building a nest egg for a financially secure retirement. Never the less, a long term care event can devastate a lifetime of savings.
Since Medicare does not pay for long term care and Medicaid is only available to those who are low-income and have few assets, most Americans have only three options: relying on one’s family for care, paying for expensive care out of their own pocket, or buying long term care insurance.
Almost 70% of Americans over the age of 65 will need care in retirement, so it’s critical to have a long term care plan and buy LTC insurance when both your health and rates are most favorable.
