Long Term Care: Rely on Saving Rather Than Insurance

Teresa Miller, the Pennsylvania insurance commissioner, and the head of the Long Term Care Innovation Subgroup says Americans must save more for potential long-term care costs and rely less on insurance. (See related posts about problems with the LTC insurance industry.) More savings may be the best option for the well-off but most Americans suffer from far too little in retirement savings. Medicaid (NOT Medicare) pays for long-term care in nursing homes for the indigent but Medicaid is in serious trouble due to lack of funding. Politicians get elected by promising to cut taxes but why do voters fail to ask what services and benefits will be cut? A good question for your members of Congress.

Source: Financial Planning for Women