Statistically, 70% of today’s 65-year-olds will need long-term care at some point. “Many people make the mistake of assuming Medicare covers it, and they’re wrong,” says Jeffrey Brown, professor of finance at the University of Illinois, who has spent the last decade researching long-term care insurance markets. There are only three choices: out-of-pocket, Medicaid, or insurance. “Long-term care is exactly the kind of low-probability, high-cost risk that you want to insure against,” he says.
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