Misunderstandings about Medicare and Medicaid Coverage for Long-Term Care
Misunderstandings about Medicare and Medicaid Coverage for Long-Term Care
There are tremendous Misunderstandings about Medicare and Medicaid Coverage for Long-Term Care coverage. A recent 2017 RICP Retirement Income Literacy report from The American College of Financial Services, which surveyed roughly 1,200 Americans about retirement income knowledge, found that Americans vastly misunderstand the funding sources for long-term care expenses. In a recent interview with FoxBusiness, Jamie Hopkins discusses the literacy report and explains some of the major misconceptions surrounding long-term care planning. Consequently, Hopkins says that far too many Americans lack a retirement income plan that incorporates long-term care planning. Instead, many people think the decision is solely about long-term care insurance or nothing. While long-term care insurance can be beneficial, it is not affordable for everyone. For others, Medicaid and family members will provide a lot of long-term care support. To learn more, checkout this recent FoxBusiness article interviewing Jamie Hopkins on the topic.