73% Underestimate the Cost of Long-Term Care

Lincoln Financial Group recently released the survey "Managing Long-Term Care Risk." Here are some key findings from the report:

·         Less than 40% of consumers have discussed long-term care planning with their financial advisors.

·         1 in 10 advisors has implemented a long-term care solution for their clients.

·         22% of consumers believe they are likely to need long-term care.

·         Nearly 3 in 4 consumers significantly underestimated the costs associated with long-term care.

·         The average cost of a private room in a nursing home can be up to $97,611 a year.

·         For a home aide who provides care for 8 hours/day, 5 days a week the average cost is $42,000 a year.

Source: Lincoln Financial Group, October 20, 2015