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¹ Gibson, M. J. (2003). Beyond 50.03: A Report to the Nation on Independent Living and Disability. National Clearinghouse for LTC Information, US Dept of Health & Human Services. AARP Public Policy Institute. Retrieved 3 2017, from www.longtermcare.gov
WHO WILL COVER YOUR LONG-TERM CARE?
The cost of care may be a drain on your retirement savings, if the need for long-term care arises unexpectedly and you aren’t prepared for it. Neither health insurance nor Medicare typically cover the cost of long-term care. Typically, you would need to "spend down" your financial assets before Medicaid kicks in.
You Can Prepare...
There are things you can do right now to minimize the impact of long-term care on your retirement. One option is to set aside part of your savings to fund potential long-term care costs.
Another alternative is taking out a long-term care insurance policy. Associates of Clifton Park can help you find the policy that best suits your situation. Depending on which policy you choose, long-term care insurance may help pay for care at home, care in a residential facility, care from professionals, informal care from professionals, or even informal care from friends or relatives.