Optimal Finance Daily · Wednesday, July 15, 2026
Erik Carter warns that neglecting long-term care insurance can lead to the erosion of a lifetime's savings if nursing home care is required. He explains that without it, individuals might need to spend down nearly all assets to qualify for Medicaid, and suggests exploring state partnership programs for blended coverage.
“But if we live until age 65, the odds are more likely than not of needing long-term care at some point in our lives.”
“Since Medicare doesn't really cover it, you'd have to rely on Medicaid, which requires you to spend down pretty much all of the assets you've built up over your entire life in order to be eligible.”
“That means not having long-term care insurance can effectively erase all the good savings and investment decisions you made.”