Financial Awareness and Asset Recovery - A significant number of American workers have left behind nearly 30 million 401(k) accounts, totaling $1.65 trillion, during job transitions, indicating a need for thorough searches for forgotten assets [1] - The U.S. Department of Labor's Lost and Found Database can be utilized to search for these inactive financial accounts [6] Long-Term Care Needs - A 2019 study revealed that 70% of adults reaching age 65 will require Long-Term Services and Supports (LTSS) before death, highlighting the importance of planning for such care [3] - The John A. Hartford Foundation reports that 56% of older adults find navigating the healthcare system difficult and stressful, with 62% believing health insurance plans are overly complex [5] Financial Coverage for Assisted Living - Medicare does not cover long-term stays in nursing homes, contrary to the belief of 55% of U.S. adults [4] - The median cost of assisted living facilities is approximately $6,100 per month, with costs varying based on location and care level [8] - Medicaid generally does not cover room and board costs at assisted living facilities, but some facilities accept Medicaid Home and Community-Based Service Waivers [7] Long-Term Care Insurance - Long-term care insurance can provide coverage for in-home assistance, nursing homes, or assisted living facilities, which can be crucial for managing care costs [8][9] Planning for Future Care - Families are encouraged to discuss future care costs and consider obtaining power of attorney (POA) while parents are still capable, to avoid complications later [10][11] - Caregivers should also focus on their own retirement planning to ensure financial stability in the future [12]