Long term care (LTC) is a vexing issue, as both the cost of care and insurance are expected to rise substantially in the future. Who needs LTC and how can you protect yourself? Tune in to find out!
According to the 2014 Medicare & You, National Medicare Handbook, at least 70 percent of people over 65 will need long term care services and support at some point in their lifetime.
Unfortunately, many do not realize that Medicare and most health insurance plans, including Medicare Supplement Insurance (Medigap) policies, don’t pay for this type of care, sometimes called “custodial care.” We focused on LTC after caller Leslie asked about self-insurance and then followed up with a number of e-mail questions (thanks to all of the wonderful Newsday readers who wrote in). For more info about the topic, check out "Long Term Care Update: Is 90 the new 70?"
For Regina, Ross and Pete, and everyone else who is thinking about engaging a financial advisor, here are some resources to help:
Thanks to everyone who participated and to Mark, the BEST producer in the world. Check out Mark's first-producing credit for this CBS Evening News segment that aired recently. If you have a financial question, there are lots of ways to contact us:
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