Do I Have a Plan to Cover Long-Term Care?
Someone turning 65 today has a nearly 70 percent chance of needing long-term care, according to LongTermCare.gov. So, you need to factor in how you will pay for it into your retirement planning, Hopkins said.
The annual median cost of care in an assisted living facility for a private one-bedroom room is $43,539, and the average cost of a private nursing home room is $92,378, according to the 2016 Cost of Care survey by insurer Genworth.
Medicare is not designed to cover long-term care expenses, which is a common misconception, Hopkins said. And since there’s a chance you might not be eligible for Medicaid because of your income and assets, you should look into long-term care insurance for more comprehensive coverage and find room in your budget to pay for a policy.
Get Help: Don’t Go Broke Paying for Long-Term Care