The financial consequences of long term care are very overwhelming. According to a recent survey conducted by a reliable carrier, two in five adults in the United States are not certain on how they will handle their long term care expenses. In relation to that, 43% believed that expenses for long term care are covered by Medicaid, Medicare or health insurance. But most often than not, that’s not the case.
These numbers only show that Americans are not prepared to pay for future long term care expenses. They should prepare for this as early as possible so that they will not outlive their retirement income.
You can learn more about the effect of long term care on your retirement savings when you click here.