One of the toughest challenges that Americans face today is paying for their long term care expenses continuously. This is a major concern today since around 7 out of 10 of Americans who are 65 and above will require long term care at some point of their lives. In addition to this, even younger adults are also vulnerable to long term care services like home care, assisted living facilities, nursing homes and the likes.
The cost of long term care is soaring which makes it hard for Americans to afford. In some cases, people exhaust all of their saving or outlive their retirement income just to cope up with the high cost of care. You can find below a data from Met Life showing the increase in long term care median costs from 2008 to 2012.
Long term care may be costly but there are multiple options to cover this. Here are the three main categories of financing different types of long term care services:
1. Government Long-Term Care Programs
2. Private Long-Term Care Insurance
3. Long-Term Care Alternatives
Original Source: http://www.infolongtermcare.org/long-term-care_information/how-to-pay-for-long-term-care/