"The probability of needing Long Term Services & Support increases with age. As the U.S. population aged 65 and older continues to increase in size, and individuals continue to live longer post-retirement, the demand for LTSS is expected to increase."
Congressional Research Center Rev. 6/2022
Long term care services are generally funded through a combination of public and private sources. Medicare, Medicaid, and Veterans' Benefits are the most common public sources of funding for long term care. Private sources of funding for long term care services include long term care insurance, personal savings, and investments.
Medicaid is a government program that provides health care to low-income individuals and families.
In 2019, the Medicaid program spent approximately $597 billion in total, with the majority of those funds used to cover medical care for individuals aged 65 and older.
Medicaid spending on long-term care services and supports totaled $114 billion.
Retirement planning should include considerations for the potential costs of long term care and how those costs could be covered. It is important to plan ahead for long term care needs to ensure that you will have the necessary funds to cover these costs.
Consulting a long term care specialist can help you develop a plan that will help you prepare for the potential costs of long term care. Download this guide today or give us a call, you'll be glad you did.