Most Americans not fully prepared to pay for long-term care, survey finds

A new survey from Moll Law Group in Chicago shows that most Americans are not saving to cover the out-of-pocket costs of long-term care.

The survey, conducted in June, asked 2,000 Americans age 18 to 75 or older about preparing for medical expenses later in life.

Four findings:

1. Most Americans turning 65 will need some kind of long-term care, such as a nursing home or assisted living, according to HHS, but only 46 percent think they will need such care.

2. Americans' out-of-pocket costs for long-term care are generally $47,000 or more annually, according to researchers, which cite a study by the Proceedings of the National Academy of Sciences of the United States of America. That's nearly twice respondents' estimations of $25,350.

3. Sixty-four percent of respondents have no money saved for long-term care.

4. Sixty-seven percent of respondents don't have the financial means to contribute to their parents' long-term care.

Read more about the survey here.

 

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