Are you relying on a Medicare policy to cover your long-term care costs? That may not be the best plan. Here's why.
The American population continues to age, and, in turn, the demand and costs for long-term care services are skyrocketing. According to LongTermCare.gov, someone turning 65 today has almost a 70% chance of needing some type of long-term care in their remaining years, and that care comes with a hefty price tag today. For example, if you need nursing home services, the average cost for a semi-private room in a nursing home is over $104,000 per year.
Other options for covering the costs of long-term careSince Medicare provides little to no coverage for ongoing long-term care, most seniors need to make other arrangements. Other options to consider include:Long-term care insuranceLong-term care insurance policies are often a smart option to consider because they help cover the costs of nursing homes, assisted living facilities, in-home care and other long-term care services.
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