Most U.S. adults think long term care is much cheaper than it is, and they expect Medicare to cover a far larger share of the LTC tab than it actually does.
About 80% of U.S. adults seem to understand that the average chance of an individual age 65 or older needing long term care is more than 40%, but 70% said they think the average cost of nursing home care is $30,000 per year, according to researchers at John Hancock Life Insurance Company, Boston, a unit of Manulife Financial Corp., Toronto.
The actual national average cost is about $70,000 per year, the researchers report.
Similarly, about 40% of survey participants said they think Medicare covers the cost of nursing home care for people with Alzheimer's disease.
Medicare does not cover the cost of nursing home care for people with Alzheimer's disease, the Hancock researchers note.
