How To Fund Your Long-Term Care

There are a few simple facts to remember when thinking about long-term care for you or a loved one.

The first is that most senior Americans over the age of 65 will need long-term care sooner or later. The second fact is that this kind of care is becoming more expensive and fewer insurance companies are offering coverage for it. And the third is that public assistance programs such as Medicaid require you to be in a very poor financial situation to qualify for their help. So what is a senior to do when they know they need long-term care, don’t have the insurance coverage to pay for it, but also are not poor enough to qualify for government assistance programs? Failing to manage this delicate question can lead to a big hit to your retirement finances, which is why you should consider several creative financial approaches to this issue of affording and paying for long-term care.

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