The Shocking Cost of Long-Term Care -- and How to Tackle It
Healthcare is a major expense for retirees, but all of those prescription copays and Medicare Part B deductibles might pale in comparison with the price tag attached to long-term care. It's estimated that 70% of seniors 65 and over will require some amount of long-term care in their lifetime. For some, that could mean a few visits a week from a home health aide. For others, it could mean spending years in a nursing home. And if you don't plan ahead for that eventual expense, it could easily wind up bankrupting you.
Seniors are generally on their own when it comes to paying for long-term, since it's not a service covered by Medicare. The reason? Medicare will only pay for medical-related services, such as those needed to help you recover from an injury, illness, or procedure. For example, if you're admitted to the hospital and then need a few weeks at a skilled nursing facility to complete your recuperation, Medicare will generally pick up the tab. But if you need help getting dressed in the morning not because you've been injured, but because you're falling victim to the symptoms of old age, then it won't step in. Rather, you'll be forced to pay for that care yourself.
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Source Fool.com
