Survey Finds 39% of Middle-Class Households Expect Medicare to Cover Long-Term Care

According to CNBC, 39% of middle-class households expect to rely on Medicare to pay for long-term care, even though Medicare generally does not cover those expenses. The American Council of Life Insurers survey also found that nearly 20% of middle-class households plan to self-fund long-term care, while experts said the main options are Medicaid, insurance or paying out of pocket. The article said a person turning 65 has nearly a 70% chance of needing some type of long-term care services, and a semi-private nursing home room may cost $114,975 a year based on a national median daily rate of $315. Experts said people should plan for long-term care in their 50s or 60s, and some said buying insurance earlier can help lower premiums and make riders such as cost-of-living adjustments more affordable.