A medical situation that leads to the need for long-term care can erode one’s retirement nest egg in a hurry. Long-term care costs can be staggering and have gradually increased over the years. Moreover, a 2016 article by the U.S. Department of Health and Human Services reveals that one in seven adults will one day have a disability requiring care for more than five years.
Unfortunately, only a small fraction of Americans have long-term care insurance.