Think you’re prepared to deal with the cost of a nursing home or adult care for seniors? Think again.
A new report from the American Association for Retired Persons shows most of us don’t have a clue how much it will really cost, or how to pay for it.
AARP volunteer Walter Young says routine nursing home care in Florida can cost you about 60 thousand dollars per year and gobble up your nest egg in no time at all.
"It doesn’t take long. If people have a little nest egg, or maybe $100,000, they think they’re in good shape, but they can run that out in a year and a half and then they’re looking for a place to go after that.”
The AARP survey of more than 1,400 persons over the age of 45 revealed that most people don’t know as much about long-term care as they think they do and much of what they know is often wrong.
You can get information at www.aarp.org/longtermcare, including tips on how to discuss the problem with family members.