Americans are living longer, and our country is seeing one of the greatest populations shifts in history, with more individuals entering retirement and needing advanced healthcare, new living arrangements and senior products and services.
While medical advances are extending lifespans, this does not come without cost. Long-term care covers many expenses not covered by regular health insurance, which can be significant.
2017 annual cost, based on national average:
(Source: National average costs based on Genworth 2017 Cost of Care Survey, conducted by CareScout®, June 2017)
Many people believe long-term care is paid for by Medicare and Medicaid. However, Medicare does not cover long-term care, except in very specific instances, and that coverage only lasts for the first 100 days. The only time state Medicaid programs pay for long-term care is for low income patients or after a patient has exhausted their personal assets. In addition, most state programs have “spend down” requirements that can leave individuals with greatly reduced assets. Buying long-term care protects you from this financial drain.