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Out-of-Pocket Spending for Senior Care: The Harsh Reality

“Three out of four Americans aged 40 years and older are not confident they will have the financial resources to pay for any needed care as they age,” according to the Scan Foundation. Up against the hundreds of thousands of dollars that long-term care can cost, it is no wonder Americans lack confidence when racking their brains for ways to pay for care. Perhaps the first solution that comes to mind is to pay for the cost of long-term care out of your own pocket. You don’t have to be a well-off, retired millionaire to consider this option. Many middle-income…

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