US Boomers Risk $300,000 Retirement Losses by Skipping Long-Term Care Insurance
Updated
Updated · Yahoo Finance · Sep 12
US Boomers Risk $300,000 Retirement Losses by Skipping Long-Term Care Insurance
3 articles · Updated · Yahoo Finance · Sep 12
Summary
$200,000-$300,000 in savings can vanish if retirees need two to three years of care without long-term care insurance, according to senior insurance broker Christina Donkers.
Long-term care coverage helps pay for in-home assistance, nursing homes and assisted living, shielding retirement assets and giving retirees more choice over where they receive care.
Medicare does not fill that gap for most boomers because it generally covers only short-term stays, leaving extended care costs to retirees or their families.
The warning is part of a broader list of five retirement mistakes that can drain nest eggs, alongside poor planning, avoiding alternative assets and exposure to increasingly sophisticated fraud.