Abstract: About 7 out of 10 people turning age 65 will need costly long term care services during their lifetimes. On average, these individuals will need the care for at least 3 years. This report from AARP describes different methods for handling the costs of long-term care.
Most people depend on loved ones for care giving. Typically this experience takes an emotional toll on the loved ones. Those who can afford it and qualify tend to rely on costly long-term care insurance policies and savings. Many individuals incorrectly believe that Medicare will cover the costs of their long-term care when Medicare only pays for limited skilled nursing home care after a hospital stay.