Long-Term Care Costs for Older Americans

Many Americans are not planning for what is to come in the form of long-term care expenses when they get older.  A new report issued by the U.S. Office of the Assistant Secretary for Planning and Evaluation (ASPE) states that Americans turning 65 this year can expect on average to pay $138,000 in future long-term care services and supports (LTSS).  "Families will pay about half of the costs themselves out-of-pocket, with the rest covered by public programs and private insurance."  LTSS is not medical care, but rather assistance with everyday activities.  Many Americans mistakenly believe that health insurance will cover LTSS, however health insurance does not and Medicare does not cover most LTSS expenses.  Read the entire report here.

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