Approximately 70% of older adults will need some type of long-term care at some point. This type of care could include a nursing home or various degrees of in-home care, whether that includes skilled nursing care, help with activities of daily living, or some combination of services.
The problem is that these services are very expensive-and the costs are not covered by Medicare, outside of a 100-day period where skilled nursing care is covered for those who qualify and which does not cover non-medical care.
Medicaid does cover some costs of long-term care, but the income requirements to qualify for Medicaid assistance are very strict. It is not uncommon for older adults to spend everything they have on their care in order to qualify, so that by the time they do, they are near destitution.
This can be prevented with an LTC insurance policy. But these policies come with challenges … Read More