Retirees face unexpected expenses averaging $114,975 for long-term care, with 70% of seniors needing assistance not covered by Medicare.
Retirement planners often overlook long-term care costs, which can reach $114,975 on average. An estimated 70% of individuals aged 65 and older will require some form of long-term care during their lifetime, according to recent data.
Medicare does not cover custodial care, such as assistance with daily living tasks like bathing or dressing. While it may pay for skilled nursing or rehabilitation after a hospital stay, these benefits are limited and do not extend to ongoing long-term care needs.
The financial burden of long-term care can escalate quickly, with expenses varying based on the type and duration of services. Without proper planning, these costs can deplete retirement savings significantly.