Paying the Cost of Care
(Likelihood of Need, Cost and Source
of Private Out-Of-Pocket Funding)

by Thomas Day
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This chapter identifies those households that will not qualify or will qualify late for government assistance to pay for long-term care. This represents approximately 55% of U.S. Households that have adequate income and assets to cover the cost of care when formal care eventually becomes a necessity. These people will eventually deplete their assets and a number of these households will never qualify for government assistance.

The current pre-retirement generation should not ignore the need to provide funding for care in the future. Adequate funding will insure the choice of care settings.

We also discuss the effect of inflation on the future cost of care. Some long-term care costs increase faster than others and this must be taken into account.

Finally, we discuss some of the common ways to fund the cost of long-term care. (30 pages printed)

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