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Long term care planning is more expensive than many assume

A new survey that was just conducted shows that many Americans, in Rochester and elsewhere, do not have nearly the amount of money that it would take them to pay for a nursing home. In fact, the studied showed that a full 40 percent have not yet put anything in their savings for this type of care, and more than half of the country's population thinks that nursing home care is cheaper than it is in reality.

The average cost for those who live in a nursing home comes in at about $81,000 per year. It is worth noting that costs can be quite different from one place to another. However, 57 percent of those asked still thought that it cost under $75,000 for each year of care, showing that they underestimated it in the vast majority of locations.

The survey took into account the opinions of 2,000 different people. All of them were at least 25 years old.

While most people have nothing saved up, even those who have some money may not have what they really need. The survey found that about 67 percent of the people had below $75,000, meaning that they could not even pay for a single year of care, on average. A small percentage of them -- 12 percent -- said that they figured they would use an insurance policy to pay.

When it comes to long term care planning, there is nothing more important than understanding what the costs really are and what steps must be taken to be able to afford those bills. Anyone who is planning for their future should take this study to heart, as it shows that many may be at risk.

Source: USA Today, "Most people short on money for nursing home care," June 24, 2014

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