Mature Market Experts Stat of The Day: Misconceptions About Health Care Costs

Only 8 percent of Americans over 45 can estimate the average monthly cost of a nursing homes within 20 percent of its actual cost.

 

Less than a quarter (23%) of Americans over 45 can estimate the monthly cost of an assisted living facility within 20 percent of its actual cost.

One in five (20%) Americans over 45 say they don’t know the cost of an in-home visit from an aide.

Nearly 20 percent of Americans over 45 said that their estimates of long-term costs were “just a hunch.”

Cost Coverage:

 

Close to one fifth of Americans over 45 (18%) responded that they “don’t know” what funds will cover their long-term care costs.

More than 55 percent (59%) of Americans over 45 incorrectly believe that Medicare will pay for extended nursing home stay.

Fifty-two percent of Americans over 45 incorrectly believe Medicare covers assisted living costs.

Source: AAHSA, American Association of Homes and Services for the Aging

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