If you mention long-term care, most people think nursing home, and they think high costs. Both can be true, but more often LTC is rendered at home and by unpaid caregivers.
Nevertheless the cost of long-term care in a facility or through a paid aid will be very expensive and it is middle income folks who will carry the largest financial burden.
There are different ways to deal with the problem, LTC insurance being one. Insurance is expensive and getting more so, if you can even buy it these days.
In the article referenced below you will find all the key statistics about long-term care that you will need to help decide your best course for financial protection against this expense which is not covered by Medicare or other health insurance. Should your plans for retirement designate funds to pay for this contingency?
From a personal financial standpoint, long-term care has been a deeply problematic area for consumers for many years. An extended long-term-care stay can be catastrophically expensive, adding an extreme wild card to retirement plans without long-term-care insurance. Unfortunately, the long-term-care insurance market has been troubled itself, resulting in increased premiums on many policies and a number of insurers dropping out of the business altogether. To help readers understand the key issues in the long-term-care space, I’ve assembled a now-annual compendium of statistics on long-term care. Each statistic includes a link through to the original source of the information; I’ve aimed to use the most current figures I could find from objective sources, wherever possible.