Long-term care is an essential element of your overall financial plan because the likelihood of needing care to perform normal daily activities – like eating, dressing, bathing – is high. In fact, 70% of people 65 and older will someday need long-term care, according to the Department of Health and Human Services.
What about Medicare? Medicare is not long-term care insurance. Medicare pays only for approved charges, only for skilled and rehabilitative care, only after three days and nights of hospitalization, and only for a maximum of 100 days per diagnosis.
The Medicaid program will pay for required care only after your existing assets have been spent down to meet state and federal guidelines.
Read whether you are prepared for long term care expenses here or contact a experienced Retirement advisor with us.
Help Center
