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November 16, 2009 at 07:00 PM
Most U.S. residents understand that they might need long term care, but they greatly underestimate the cost of such care, according to John Hancock Long Term Care.
Hancock, part of Manulife Financial Corp., Toronto, found when it commissioned a survey of 935 people ages 21 to 75 that more than 80% of participants knew that the average lifetime chance of needing long term care is more than 40%.
But about 70% said they thought the average cost of nursing home care is about $30,000 per year or less, when, in fact, the actual average is about $75,000 per year, Hancock says.
