Faculty Publications

Title

New and Unexpected Ways to Fund Long-Term Care Expenses

Document Type

Article

Publication Date

4-21-2014

Abstract

Too many people think that long-term care planning is just a decision about whether to purchase long-term care insurance. However, long-term care planning is so much more. It is a discussion about how you will fund this expense, where you will receive long-term care, and who will provide the care. Unfortunately, very few people are prepared to deal with this risk as less than eight percent of people have long-term care insurance and only ten percent of people in the U.S. have a long-term care plan in place. This lack of planning is extremely troubling because long-term care is a very real and expensive risk as nearly 70% of people will need long-term care at some point and the cost of one year in a semi-private nursing home can exceed over $150,000.