While baby boomers desperately want to receive long-term care within their own homes, many are ill-prepared in thinking the Affordable Care Act will help them do so, according to a survey from Nationwide Financial, reports Home Health Care News.
Of the 801 Americans over age 50 that were surveyed, each with at least $150,000 in household income, only 28 percent knew that the Affordable Care Act does not cover the long-term care costs.
“Neither the Affordable Care Act nor Medicare will help America’s workers pay for their long-term care costs,” said John Carter, president and chief operating officer of Retirement Plans, Nationwide Financial.
A striking majority, 71 percent of affluent boomers, want to receive long-term care in their home, but fewer than half think they will actually receive this type of care in their home setting. While many Americans might not want to end up in a nursing home as they age, few are planning for long-term care costs, he added. Additionally, 54 percent of boomers said they would rather die than live in a nursing home. Read more