Long-term care costs rise
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term care costs todayCNBC
•Health
Health
Long-term care costs can be a 'huge problem,' experts say. Here's why
86% Informative
About 1 in 7 Americans will spend at least $100,000 out of pocket for long-term care.
Financial advisors say many households aren't prepared to manage the expense.
Medicare doesn't cover most expenses, and not everyone qualifies for Medicaid .
The number of people who need care is expected to swell as the U.S. population ages.
Long-term care insurance policies make most sense for people who have a high risk of needing care for a lengthy duration.
Be wary of how the policy pays benefits, too, McClanahan said.
Being proactive can help families save money in the long term, since reactive decisions are often "way more expensive".
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