Health

Using a trust to pay for long-term care

Using a trust to pay for long-term care

According to the U.S. Department of Health and Human Services, individuals 65 and older have a 70 percent chance of needing long-term care at some point in their remaining years. The average cost of a semiprivate room in a nursing home is $6,844 per month, and the...
Using annuities to pay for long-term care

Using annuities to pay for long-term care

There are many ways to pay for long-term care, including long-term care insurance, health savings accounts, Medicaid, trusts, reverse mortgages, and personal savings accounts. You can also use annuities to pay for long-term care. What are annuities? Annuities are...
Use a reverse mortgage for long-term care

Use a reverse mortgage for long-term care

If you don’t have long-term care insurance (LTCI), there are other ways to pay for long-term care. Taking out a reverse mortgage is one of them. What is a reverse mortgage? If you’re 62 or older, you can take out a loan against your home equity to access funds through...
Pay for long-term care without insurance

Pay for long-term care without insurance

According to industry research, just a few years ago, long-term care insurance (LTCI) cost Americans over $2,700 each per year. It’s no wonder that more and more Americans are choosing not to buy LTCI. In 2017, a study conducted by the Harris Poll found that 75...
Understanding your long-term care costs

Understanding your long-term care costs

Long-term care in America is expensive, and if you’re not prepared to pay for it, you could find your hard-earned lifelong savings disappearing quickly. Understanding long-term care costs and financial planning for eldercare is crucial for preserving wealth while you...
Diagnosed with cancer but uninsured? How to find help

Diagnosed with cancer but uninsured? How to find help

If you have been diagnosed with cancer but don’t have health insurance, don’t let that dissuade you from seeking treatment. Resources for uninsured cancer patients are available. Starting with your local hospital, ask to speak to a financial counselor about your...