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Many Americans will eventually need long-term care. Here’s how to pay for it

November 2, 2020

From the CNBC website

Chances are, you aren’t seriously thinking about how to pay for long-term care when you are older.

Most people only think about it at two points in their lives: when their parents need it or when they start to get much older and realize they need to have a plan, said Carolyn McClanahan, a physician and certified financial planner at Life Planning Partners in Jacksonville, Florida.

Yet someone turning 65 years old today has almost a 70% chance of needing some type of long-term care services in their remaining years, according to the U.S. Department of Health and Human Services. Women need 3.7 years of care, while men need 2.2 years.

The average lifetime cost of formal long-term care is $172,000, according to PWC.

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From → Health & Safety

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