Every day until 2030, 10,000 Baby Boomers will turn 65. Not to mention that seven out of ten people will require long-term care in their lifetime. Fortunately, there are several tax-advantaged ways to help take the sting out of the costs of long-term care.
Buying long-term care insurance is one way to ease the financial burden, especially when you consider that assisted living community costs increased by 10% to an annual national median of $70,800 per year, according to the latest study by Genworth, a long-term care insurer. Private room nursing home costs are a whopping $127,750.
