Considering the high cost of care nowadays, to think that you will be able to afford long term care (LTC) services out of your own pocket is a fantasy. Those in the know have secured long term care insurance (LTCI) policies, as they know that time will come when the prices of LTC facilities will be unreachable.
According to the health industry, LTC costs are not going down soon; rather these are expected to increase twofold in 2026 and fourfold in 2030. This does not mean, however, that you have to prepare a billion in your savings account. Why? Sooner or later your billions of cash could result into obsolete assets as the posted figures for home care, institutional and community-based LTC facilities are constantly on the rise.
So, what should one do to escape the foreboded higher cost of care?
Plan your health care needs properly. Just bear in mind that neither your bank savings nor your Social Security and Medicare contributions will be sufficient for the expected cost of care in the country.