Boomers underestimate the costs of long-term care

In a recent study conducted by Nationwide Financial, the boomer age group not only underestimated the future costs of long-term care, but they also underestimated their life expectancy. The survey included 813 respondents, over the age of 50, who have at least $150,000 in annual household income or in investable assets. Many do not understand the true definition of long-term care and are in denial that they will ever need it, so they never plan for it. However, the U.S. Department of Health and Human Services estimates that 70 percent of Americans over age 65 will need LTC during their lifetime. Read the Nationwide Financial survey results.