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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