Americans aren’t prepared for the costs of getting old it seems.
There is a wide disconnect between how many Americans will need long-term care versus what people actually think they’ll need. Today, 70% of Americans will need some type of long-term care, but only 46% believe they will need it, according to a new study by the Moll Law Group, a personal injury firm that surveyed 2,000 people to see how prepared Americans were for the realities of long-term care.
Another misconception is out-of-pocket cost of long-term care. The study found that the actual out-of-pocket cost of long-term care is more than $47,000, while many Americans believe it is almost half that, $25,350.
And $47,000 is the low-bar of yearly cost per stay: assisted living costs may be $45,000, but semi-private nursing home will be $85,775, while private nursing home is $97,455, according to the study, which was conducted by Digital Third Coast. The study was made up of 57.7% male and 42.3% female, while 56% were age 35 and younger, 33% were 36 to 55 years old, and 11% were 56 and older.