Long-Term Care Costs Can Be a 'Huge Problem,' Experts Say. Here's Why

Long-term care costs can be a 'huge problem,' experts say. Here's why

Long-term care can cost well over $100,000 but households aren't prepared, experts say.

Long-term care costs can be a ‘huge problem,’ experts say. Here’s why

Kate_sept2004 | E+ | Getty Images Long-term care can be costly, extending well beyond $100,000. Yet, financial advisors say many households aren’t prepared to manage the expense. “People don’t plan for it in advance,” said Carolyn McClanahan, a physician and certified financial planner based in Jacksonville, Florida. “It’s a huge problem.” Over half, 57%, of Americans who turn 65 today will develop a disability serious enough to require long-te…

Long-term care costs can derail retirement plans. Here's how to manage them

A new Morningstar study found that long-term care costs can dramatically impact retirement plans, with 41% of households projected to run out of money when such expenses are incurred.