If you or a loved one suffered from a sudden and debilitating medical condition that required long-term care, how prepared would you be? As the U.S. population ages, and as millions of baby boomers in particular move into their later years, the need for long-term care will grow dramatically. Yet figuring out how to finance the high cost — before you might need it — can be bewildering.
Only adults with little or no assets and very low household income levels can rely on Medicaid to pick up the costs of long-term care, though eligibility requirements vary by state. Most others in need of long-term care will have to depend on some combination of long-term care insurance, personal savings, investments, income from Social Security and pension benefits, and proceeds from the sale of a home.
This guide will help you understand the various types of long-term care services as well as the financing strategies and options that may make it more affordable. You will also learn about alternatives for those without insurance coverage or assets.