By Alejandra Cancino, for Associated Press
CHICAGO (AP) — Demand for long-term care is expected to increase as the nation ages, but the majority of Americans 40 and older lack confidence in their ability to pay for it.
The annual cost of long-term care expenses range from $17,680 for adult day care to more than $92,000 for a private room in a nursing home, according to Genworth Financial.
Yet an Associated Press-NORC Center for Public Affairs Research survey (pdf) finds that a third of Americans 40 and older have done no planning for their own-long term care needs, such as setting aside money to pay for a home aide or to help with daily activities or a room in a nursing home.
The poll says about 4 in 10 don’t think they will ever need long-term care.
“I’m very healthy at 68 and I really don’t have any impending and current problems. I’m self-sufficient,” said Brad Woolsey, of a small community near San Francisco, California.
That mindset runs counter to figures from the U.S. Administration on Aging, which says nearly 70 percent of people turning 65 will need help with daily activities in their golden years.
Medicaid, the health insurance for the poor and people with disabilities, is the primary payer of long-term care, spending $146 billion in 2013. Nearly $89 billion was just for seniors.
But the survey found that nearly 4 in 10 respondents mistakenly expect to turn to Medicare, which doesn’t pay for long-term care. Respondents…