A person turning age 65 today has almost a 70% chance of needing some type of long-term care service. It’s considered one of the largest potential expenses in retirement with the average lifetime long-term care expenditure being $138,000.1 When it comes to paying for long-term care, many retirees think that Medicare will cover these expenses.
Perhaps the confusion lies in understanding the difference between medical and custodial care. Services under long-term care are considered custodial care which won’t be covered by Medicare. Custodial care is a range of services and support for your personal care needs such as help with basic personal tasks of everyday life like getting dressed, bathed, housekeeping, and more. Custodial care can be provided at home, in a retirement community, or in a facility such as a nursing home.
The costs of long-term care are continuing to rise, and Medicare won’t simply cover them. To cover these expenditures without affecting your retirement nest egg, consider having long-term care insurance as part of a comprehensive investment plan. Protect yourself and your assets–reach out to us and we’ll help you understand your options to ensure long-term financial security.
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[1] https://www.thestreet.com/video/confronting-retirement-long-term-care-costs-15012005