The new study is in contrast to earlier estimates from the U.S. Department of Health and Human Services that say only 35% of older Americans are likely to use a nursing home later in their lifetimes. In part because the stays are shorter, only about one-third of these Americans will pay anything out of pocket for their care. “Averaged over all persons, total out-of-pocket expenditures looking forward from age 57 were approximately $7,300 , discounted at 3% per year,” RAND research shows. “One important reason for this low take-up (of long-term care coverage) is that Medicaid provides insurance of last resort,” RAND research shows. The institute on aging funded the research, RAND said.

Source: Forbes August 28, 2017 18:56 UTC