How To Pay For Long-Term Care? Most Americans Surveyed Not Confident They Can
Confusion over what Medicare covers and beliefs that such services will not be needed have led many to forgo setting aside money for long-term care, an Associated Press-NORC Center for Public Affairs Research poll finds.
The Associated Press:
Poll: People Unsure About Ability To Pay For Long-Term Care
Demand for long-term care is expected to increase as the nation ages, but the majority of Americans 40 and older lack confidence in their ability to pay for it. The annual cost of long-term care expenses range from $17,680 for adult day care to more than $92,000 for a private room in a nursing home, according to Genworth Financial. Yet an Associated Press-NORC Center for Public Affairs Research survey finds that a third of Americans 40 and older have done no planning for their own-long term care needs, such as setting aside money to pay for a home aide or to help with daily activities or a room in a nursing home. (Cancino, 6/1)