There is a wide disconnect between what many Americans believe about long-term care versus what the actual needs are. Today, 70 percent of Americans will need some type of long-term care, but only 46 percent believe they will need it, according to a new study by the Moll Law Group, a personal injury firm.
Most Americans — 64 percent — have nothing saved for long-term care. In addition, 67 percent aren’t able to contribute to their parent’s long-term care. Most of study participants believe the age at which they will need long-term care is 79 years old, while it’s actually 73. Women will need long-term care on average for 3.7 years, while men will need it for 2.2 years.
Another misconception is the out-of-pocket cost of long-term care. The study found that the actual out-of-pocket cost is more than $47,000, while many Americans believe it is roughly half that, $25,350.