Nine in 10 Americans do not have a realistic plan to pay for long term care expenses. Nearly four in 10 will rely on family and friends. Others believe their health insurance coverage or government programs such as Medicare will help pay their long-term care costs.

These are the findings of a new survey by the nonprofit LIFE Foundation. As November is Long-term Care Insurance month, the foundation asked Americans what they would rely on most to help pay for long-term care services if they found themselves in need of assistance with the basic tasks of daily living, such as bathing, eating and dressing. Here's how Americans responded:

• Family and Friends (23 percent)
• Health Insurance (20 percent)
• Medicare (16 percent)
• Savings (13 percent)
• Social Security Benefits (11 percent)
• Long-Term Care Insurance (10 percent)
• Medicaid (7 percent)

"These survey results illustrate that most people are confused about how they will pay for long-term care services, which is a scary thought considering 70 percent of Americans who reach age 65 will need such care at some point in their life," said Deb Newman, CLU, ChFC, LTCP, president of Newman Long Term Care and a LIFE Foundation Board Member, in a press statement. "Health insurance will not cover long-term care services and government programs like Medicare and Medicaid have many limitations. That is why it is critical for Americans to take steps to protect themselves with long-term care insurance. It is the only way to make sure you will have the financial means to afford the kind of care you'll need and prefer."

Common misconceptions people have regarding funding sources for long-term care:

• Health Insurance - Typically, health insurance only provides coverage for medical care and does not pay for custodial services for people who can no longer take basic care of themselves.
• Medicare - Medicare is a government-sponsored health insurance program for older Americans. It does not pay for most forms of long-term care; it only covers short-term rehabilitation after you have been hospitalized for at least three days, are homebound under a physician's care or are eligible for Hospice services.
• Medicaid - Medicaid pays for long-term care services, but only for those with very limited assets who fall within their state's determined poverty level.
• Social Security - The monthly benefit for the average retiree stands at $1,153, which is a fraction of what most long-term care services cost.
• Savings - Though the savings rate has begun to improve, the majority of Americans likely do not have an adequate amount of savings to cover the high cost of long-term care services.

"Many factors come into play when considering long-term care insurance, which is why it's critical to work with a qualified insurance professional," says Newman. "Doing so will ensure that you purchase a policy that best fits your needs and budget."