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Most Americans underestimate LTC costs

Nine in 10 Americans do not have a realistic plan to pay for long term care expenses.

By Jenny Ivy | Updated on November 16, 2009

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:

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