Long term care is a pressing issue in the United States that
should be addressed right away. Around 70% of Americans who are 65 and above will
require long term care. But it’s disappointing that a lot of Americans are
underestimating their future long term care needs.
According to a new Health Affairs study, 60% of adults who
are between 40 and 65 years old are confident that they will not need long term
care. This is alarming considering that the cost of care is soaring these days.
Based on the 2012 MetLife Market survey, the annual cost of nursing home is
about $95,000 annually and the average rate of assisted living facility is
$42,600 annually.
The reason behind the optimism of Americans is that they
think that their families will provide care for them. Almost 75% expect their
families to take care of them, which is seven times more than those who are
expecting to need long term care services.
Having long term care coverage is recommended but most
Americans lack the knowledge on how to finance their future long-term care
needs. It’s best to have the talk among family members in order to come up with
the best solution on long term care.
Read the full text of “Americans are too optimistic about their long-term care options.”
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