Nearly 63% of Americans above the age of 65 require long-term care. If your savings were to bear its costs, you would have to shell out an average of $140,000 per annum. Such an expense can cause a significant financial drain.
Long-term care(LTC) insurance can help you prepare for all such future needs, like assisted living, in-home care, or nursing home costs. However, only a small number of Americans are covered because there are many myths about the coverage.
Let’s bust a few myths about long-term care insurance to understand it better: