If you're confused by the following report, so are we. But the message is important, no matter the source, so here goes: The American Veterinary Medical Association found that many baby boomers have not focused on planning for long term care expenses. The AVMA is calling on more boomers to do so. One reason for lack of planning may be that more than half of boomers mistakenly believe long term care costs will be covered by Medicare or another form of health insurance.
It is an oversight that could have financially devastating consequences.
According to the Association, the reality is that most health insurance plans do not cover long term care expenses. Further, while Medicare does cover long term care expenses, the best case scenario may provide for a hundred days of care. And while Medicaid will cover these services for low-income individuals, stringent spend-down requirements cause most individuals to deplete their financial assets before coverage begins.
Fido says, "Boomers should plan now for longterm care expenses."
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