- 40% of Americans receiving long term care are under age 65
- 65% of family caregivers do not receive help from family or friends.
Long Term Care Insurance consists of care at home, rehabilitation services, assisted living, or nursing home care. Long term care is the kind of help you may need in the case of an accident or prolonged illness, disability, or increased frailty which may make it difficult for you to care for yourself for an extended period of time.
The annual cost for receiving care in a nursing home facility ranges from $40,000 to $80,000 and these costs are expected to increase each year. A long term illness could potentially destroy one's personal savings.
Medicare is not intended to cover long-term care services. Medicaid is a welfare program that may cover some long-term care services, however, you must be at poverty level in order to qualify for benefits.
