This Is The Biggest Health Care Cost Obamacare Won't Cover

Business Insider - With the coming implementation of Obamacare, many Americans believe that all of our health-care needs will soon be taken care of.

But the coverage mandated by the Patient Protection and Affordable Care Act doesn't address one critical type of health-care cost -- and could leaving you with a huge and expensive challenge to deal with on your own.

Many people don't realize that traditional forms of health-care insurance coverage don't typically pay for long-term care, and long-term care is increasingly becoming a key financial issue for the aging U.S. population. According to the RAND Corporation, 15 percent of those over age 70 have dementia, and dementia-care costs alone are expected to rise to $1 trillion annually by the year 2030.

To address the lack of knowledge about long-term care, the Department of Health and Human Services created a website with information on getting the care you need and protecting yourself from the financial impact of paying for that care.

Let's look at four key facts you need to know about long-term care.

1. Long-Term Care Isn't Just Nursing Home Coverage.

Decades ago, when people needed help with basic daily tasks like bathing or getting in and out of bed, they had relatively few options. If they couldn't get family members to take care of them, they often had to go to a nursing home to get the help they needed.

Read more: http://www.dailyfinance.com/2013/09/19/biggest-health-care-cost-obamacare-wont-cover/#ixzz2fNKwBASh