According to the National Advisory Center for Long Term Care Information, 70 percent of Americans will need long-term care after age 65. However, it was revealed that only 11 percent of Americans are prepared to pay for such care. By 2050, 27 million Americans are thought to need long-term care, which is more than double the current number of 12 million.
The majority of people in the United States are assuming that nursing home costs are lower than they really are and are not saving an adequately to cover their future needs, according to a new survey. For example, many people think that the annual cost of being in a home is under $75,000, but a MetLife study found that a private room is $90,000 a year. A shared room might cost around $81,000. The results shows that people in New York might benefit from putting more time into long-term care planning.
See how quickly you can answer the following questions: Who will take care of you when you reach an age where you can't care for yourself? Where will you live? And how will you pay for it?