“By 2050, the U.S. will have almost 90 million people aged 65 and over, and more than half will need long-term care at some point. Yet only a sliver of that group can afford the premiums insurers require. As of 2015, private insurance covered less than 10 percent of the U.S. spending on long-term care — and the private market has been shrinking.”
“Medicare covers only a short period of care after a person has been hospitalized. That leaves Medicaid, the state-administered program for the poor. But it kicks in only after people have burned through their assets — precisely the outcome that insurance is meant to avoid. The paperwork involved is a protracted ordeal, especially for those with physical and mental impairments, suddenly thrust into poverty.”
The dismal result predicted by BloombergView doesn’t have to happen to you! Come to my workshop and find out how it can be different with proper planning.