In this CNBC article, the author highlights the impacts of long-term care expense and alternative strategies to fund these expenses. One of the options explored is the use of your home equity (i.e. reverse mortgage) as a future funding source for home care.
- A person turning 65 today faces a nearly 70% chance of needing long-term-care services during their remaining years, government research shows.
- With prices soaring on insurance policies that provide straight coverage, some advisors recommend a hybrid solution — a life insurance policy combined with long-term-care coverage.
- Another option is to self-insure, which means relying on your own assets if and when you face paying for that care.