Thinking Long-Term
By Fresia Rodríguez Cadavid
February/March 2007
Americans 45-plus think they know the costs of long-term care services and the ins and outs of long-term care insurance. But most of them are wrong.
A recent AARP survey examined the public’s perceptions of long-term care costs, including stays in nursing homes and assisted-living facilities as well as in-home visits by a skilled nurse. While six out of 10 non-Hispanic Americans claim to be familiar with the costs, only 8 percent correctly estimated the national average cost of a month in a nursing home and just 23 percent knew the cost of assisted-living facilities.
Hispanics are even less informed, with fewer than half saying they know about long-term care services. Three out of 10 Latinos say they think they can afford long-term care, compared to nearly half of all Americans. And while Hispanics estimate the median monthly cost of a nursing home as $2,793.00, the cost actually ranges from $5,013.00 to $7,519.00.
Latinos also are more likely to say they don’t know the cost of long-term care in a nursing home or assisted-living facility or of an in-home visit by a nurse.
Guadalupe Cervantes, 70, admits she knows little about the topic and is unsure who will look after her and her husband when they can’t. “I can still take care of myself,” says the Mexican native who lives in Delhi, California. But, she adds, “We don’t know if our children will have the patience.”
The survey also reveals that a quarter of Hispanics base their cost estimate of in-home visits by skilled nurses on friends or family, compared to 14 percent of the general population who do. Hispanics are also less likely to say they would use private insurance to pay for the cost of a nursing home, assisted living, or home visits by a nurse or aide. And they are less likely to have purchased long-term care insurance: 72 percent have not.
Long-term care insurance brought peace of mind to Cuban-born Marta Gaetan, who has cared for her Alzheimer’s-stricken husband for years. She now receives assistance with household chores and errands. “I feel better,” says the 75-year-old Miami resident, who learned about long-term care insurance a few months ago. “Before, I had no help. I had no idea about it.”
Do you worry about long-term care? Do you have a plan in place to address it? Share your thoughts on our message board.
Return to Top
