“Don’t ignore this serious retirement threat”

“Don’t ignore this serious retirement threat,” by Steve Vernon, CBS MoneyWatch

“Many older Americans have their heads in the sand regarding the potential threat posed by long-term care. They think somebody else will pay for it, but that’s usually not the case. Unfortunately, Medicare, Medicaid and medical insurance policies don’t cover most long-term care costs, and most people end up paying for care out of their own resources. In addition, many people underestimate how much long-term care really costs. How real is this threat? You can read the statistics, but if you want to truly understand how serious the problem is, ask your 50-something or 60-something friends if they’ve had to deal with long-term care for their parents. Chances are good you’ll find at least one who has had to provide care themselves, arrange for it or pay for it out of pocket.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Despite some incorrect conventional wisdom regarding who pays for long-term care, it’s always good to read an article that positively conveys LTCI in the popular press.

Don’t ignore this serious retirement threat