What Does Long-Term Care Cost?
Most long-term care is provided by family and friends. This unpaid care is the backbone of our nation’s long-term care system. Families may need to add-on to the care they provide, especially as the needs of a family member grow. When they do need outside help from a paid individual, agency, or facility, they find out that long-term care can be very costly. Many people think that Medicare or private health insurance will pay the costs, but Medicare and private health insurance, including Medigap, don’t pay for much, if any, long-term care. Learning ahead of time about long-term care—what services are available, what they cost and how to pay for them—can increase your choices for how and where this care is provided. It is a vital step in creating a sound retirement plan.
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