52 Percent

The odds are worrisome. The typical 65-year-old can expect to live another two decades and has a 52 percent chance of needing some type of long-term care services and support at some point.

According to Melissa Favreault of the Urban Institute and Judith Dey of the U.S. Department of Health and Human Services, the average tab for long-term care is $138,000. Medicare covers hardly any of that cost. Medicaid does, but only for the impoverished.

Insurance is the classic financial planning solution for handling an uncertain risk that comes with a potentially large price tag, yet only about 10 million Americans have long-term care insurance.

Read the rest of the article: Self Insuring Long Term Care Expenses

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