A Double Whammy for the Unprepared: Long Term Care Costs and Retirement Savings The recent story of a 64 year old couple who skipped long term care insurance at 58 has sent shivers down the spines of many retirees.
With a Parkinson's diagnosis for the wife, they now face staggering out of pocket care costs – $216,000 to $432,000 – due to their decision not to lock in coverage six years ago.
The numbers are sobering: what seemed like manageable annual premiums of $4,800 at 58 have ballooned into a self insurance problem worth hundreds of thousands of dollars.