41% of Americans doubt they will live long enough to utilize long-term care insurance, despite nearly 70% of those turning 65 today facing the need for LTC. A National survey highlighted that 58% worry about funding their or their partners' LTC, leading many to rely on Medicaid. While 77% prefer aging in place at home, concerns about safety and modification costs are significant, with 54% finding today’s real estate market challenging. Financial strain from LTC impact inheritance expectations, as many caregivers face expensive out-of-pocket costs.
According to the survey, many Americans, especially seniors, demonstrate a concerning lack of awareness about aging and long-term care, significantly underestimating the financial pressures involved.
With projected increases in centenarians, the survey indicates a stark disconnect between people's expectations and the reality of aging, especially regarding long-term care planning.
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