Most Americans’ greatest fear about aging is being able to afford long term care. A lot of people mistakenly think the government is going to pay for their long term care. Statistics show that only 20% have taken steps to preparing themselves for long term care. Not only that around 50% of people assume it will be paid for by the government.
If you haven’t enrolled in a long term care policy, it’s important that you know your options. Long term care can be extremely costly, and if you don’t have a policy in place you could end up in a difficult financial situation. Many think that their retirement fund or short term care will cover them post-retirement, but the now that people are living much longer that isn’t the case.