To keep your financial independence and avoid possibly burdening your family, you may want to consult with a financial professional who can recommend a strategy and appropriate solutions to cover long-term care costs. Furthermore, you may need to protect your loved ones from another threat — your own vulnerability to the need for long-term care. Someone turning age 65 today has almost a 70% chance of eventually needing some type of long-term care, according to the U.S. Department of Health and Human Services. This type of care, such as an extended nursing home stay or the help of a home health aide, is extremely expensive, and, for the most part, is outside the reach of Medicare. So, to pay for long-term care, you might have to drain a good part of your resources — or depend on your grown children for financial help.
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