The cost of long-term care varies according to where you receive that care and by the type of care needed. Regardless, it will likely far exceed any other major lifetime expense you have experienced and force a reallocation of both your income and assets. This creates problems as none of that money was earmarked to pay for long-term care, meaning that using it will disrupt every plan you created to secure financial viability during retirement.

It is a common misperception among Americans that Medicare, health insurance or Medicaid will cover long-term care costs. Medicare and traditional health insurance are designed to pay for doctor and hospital bills, not the custodial care associated with long-term care. To be eligible under Medicaid, guidelines require that you must first become impoverished – paying for care out of pocket and spending down assets. As a result, relying on Medicare, Medicaid or other government programs will either not be an option or fall short of expectations.

To learn more about the cost of care and the funding options available, click the link below to read “Straight Talk About Common Misperceptions: Money Matters”.

per month

per month

per month (for a one-bedroom unit)

per month (semi-private room)

per month (private room)