How Will You Pay for Long-Term Care?

Around 12 million Americans will need long term care today. By 2050, that number will most likely double and become 27 million. How will these people cover long term care? They can pay for nursing homes, assisted living facilities, CCRCs and other long term care facilities through long term care insurance. However, only 11% have purchased long term care insurance policy. Also, a lot of people don’t have enough retirement funds that can cover these unforeseen expenses. There are government programs available but Medicare doesn’t cover the core of long term care and Medicaid on the other hand will ask you to spend down your assets first before you can become eligible. 

These are the different ways you can pay for long-term care:

1. Medicaid
2. Long-Term Care Insurance
3. Self-Funding

Original Source: http://health.usnews.com/health-news/health-insurance/articles/2014/10/28/youll-likely-need-long-term-care-but-how-will-you-pay-for-it