California LTC Consumer Study Findings

• While average nursing home care costs in California can soar well beyond $60,000 per year, only one out of five respondents is aware of this huge financial risk.
• Alarming is 44.9% surveyed believe they have less than a 25 percent chance of being admitted into a nursing facility. However, Californians age 65 years or older faces about a 50 percent chance of entering a nursing facility.
• The most alarming figure was that that Asians, African-Americans, and Latinos showed a huge level of denial of needing long-term care.   33% say their family assets and income will be enough to pay for long term care should it be needed.
• Only 10% surveyed said they have invested in a program to cover the costs of long term care care.
• 24% say their children or family would provide the care or help pay for it if it is needed.
• The majority of respondents (55%) with private health insurance either believe that their health insurance policies will cover long-term care or are uncertain.
Source: California Department of Health Services

After talking with folks from all over the country for 11 years on their chances of needing long term care, I'd say the California's study is similar to the average person across the county.  Most people still think that long term care will happened to everyone else but not themselves.  If you are a realist and want to learn more about protecting your assets fill out the form below and we'll mail you the info.