How much should I save for long term care?

Question

For context, I have watched older relatives need help with bathing, dressing, transportation, and eventually facility care. For context, the costs were much higher than our family expected, and I do not want my own plan to assume Medicare or my children will cover everything. I keep finding general explanations online, but the examples do not line up with my situation.

Soradin · Accepted Answer

There is no universal amount because care needs, duration, location, family help, and insurance vary widely. For the household plan, long term care planning considers who would provide care, where it would occur, how it would be paid for, and how caregiving would affect family members. For the household plan, a planner can compare insurance, self funding, home equity, and public benefit rules using realistic local care costs.

How much should I save for long term care?

Soradin

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