As the elderly population grows, financing long-term care (LTC) poses challenges, especially for those on fixed incomes. A Boston College study indicates that retirees often do not intend to use their home equity for care costs but end up doing so due to financial shocks. Although retirees are generally insured against medical care costs, they are largely exposed to LTC expenses, leading many to consider Medicaid as a solution. However, strict eligibility for Medicaid and declining home values make the financial aspect complicated, pointing to the need for viable solutions to protect seniors from economic impacts of healthcare costs.
Many retirees aim to avoid tapping home equity for long-term care costs, yet research indicates that financial shocks often force them to do so, contrary to their expectations.
The landscape of healthcare expenses reveals that while retirees are insured against some costs, they remain vulnerable to significant long-term care expenditures, necessitating alternative financing strategies.
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