Understanding the Need for Long-Term Care Planning

Like the proverbial ostrich with its head in the sand, most of us don't know about, or refuse to acknowledge, the need for long-term care and its associated costs. A 2014 survey undertaken by the AP and NORC found that 1 in 10 people over age 40 are responsible for both care of a child and living assistance for an older adult, and only one-third have undertaken any planning for taking care of such ongoing needs. The reality is that about 70% of Americans over the age of sixty-five will eventually need some type of long-term care, a dramatic increase from previous years. Medicaid is the largest payer of long-term care services. But Medicaid is also a federally and state funded, needs-based pr

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