Introduction
The statistics are bad news for people planning on secure retirement. More than 50 percent of people age 65 today will need long-term care before they pass away. This care, which can be given in your own home, an assisted living facility, or in another facility like a nursing home, can cost $50,000 per year and more.
Much of this care is provided for free by unpaid family members and friends. Of all paid care, 23 percent is paid for out of pocket, by personal checks drawn against retirement income and life savings. Medicare pays only another 14 percent of the total bill for paid care services. Medicaid is the biggest payer of long-term care, paying 45 percent of the bill—but you must be poor to qualify. Long-term care insurance ...

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