The perception that the cost of long term care is so outrageous that it is easy to dismiss it. Besides, the government has a safety net plan, right?
Like any other big expense, you need to be educated and have a plan, much like you do with children’s education, saving for retirement and buying a house.
Most everybody knows somebody who has had to deal with it for themselves or parents. Unprepared people experience sticker shock once they are in crises. Take a look at the national averages on the link below. Keep in mind that these are averages. Some costs are considerably higher. Heard a story yesterday of one family who had to liquidate all their assets and remortgaged their house to provide for their mother who suffers with Alzheimer’s to the tune of $18,000 a month. They are now out of money and in panic mode.