Many Americans will require long-term care after age 65. While some may receive unpaid care from a family member or friend, others need paid assistance with everyday tasks.
There are a lot of misconceptions about how people pay for long-term care, which isn’t covered by Medicare or health insurance.
Medicare may help cover skilled care immediately after hospitalization for an illness or injury, but it doesn’t help pay for long-term care. Medicaid is the largest funding source of long-term care, but the program is designed to help low-income Americans get the care they need. Many seniors needing long-term care must exhaust most of their savings and assets to qualify.
While long-term care insurance premiums may rise as you age, they may also be tax deductible up to a specific annual limit.