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Yes, this article is about long-term care insurance. As you know, the planners and I at Edelman Financial strongly encourage most of our clients to obtain long-term care insurance. AARP estimates that 70% of Americans who are age 65 today will require long-term care at some point; the average cost is currently $74,000 per year, and in many metropolitan areas the cost exceeds $125,000 annually, according to a 2010 nationwide survey of nursing homes by Genworth Financial.
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We’ve seen estates drained as well. Hopefully, everyone can have the old folks protect their life’s work. Argh! At the very least, Medicaid Trust.
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