Many people spend decades contributing to retirement accounts, believing they’ll be financially set when they stop working. Unfortunately, not all savings vehicles are built to handle the high price of extended medical or personal care in later years. Long-term care — such as nursing home stays, in-home assistance, or memory care — can easily cost thousands of dollars per month, quickly depleting savings. Understanding which retirement plans don’t cover long-term care costs can help you prepare for gaps before they become overwhelming. Let’s take a closer look at six common options that may leave retirees unprotected in this critical area.
