Seven in ten Americans will need long-term care at some point, but Medicare doesn't cover it. Residential care runs over $6,000 a month, in-home care at least $2,000, and costs are expected to double or triple in the next twenty years.
Chapters
According to the U.S. Department of Health and Human Services, at some point in our lives, often while recovering from a serious illness or accident, almost 70% of us— that's 7 out of every 10 Americans— will require some sort of convalescence or nursing, assisted living, custodial, or hospice care lasting several months or even years. That's why it's often referred to as long-term care. And there are more than 10 million Americans of all ages who currently require long-term care services. And the average cost of long-term care in a residential care facility is more than $6,000 a month. Even a few hours a day of in-home care can cost at least $2,000 a month. And those prices are expected to double or even triple over the next 20 years. But the cost of this care is not covered by either health insurance or Medicare, which is why many people use up all of their savings