Insurance vs. Savings: The Best Way to Pay for Long-Term Care
Planning ahead for long-term care is one of the most important financial decisions you can make. According to recent studies, most Americans over 65 will need some form of long-term care during their lifetime including home health assistance, assisted living, or nursing facility care. The costs can be staggering, often reaching thousands of dollars per month.This brings up a key question: How should you pay for it? Two of the most common approaches are insurance (such as long-term care insurance or “hybrid” life/long-term care policies) and personal savings. Both strategies come with advantages and drawbacks. Let’s break down the pros [...]