Long term care insurance part of retirement security

New research warns that many Americans are increasingly ill-prepared for retirement when it comes to issues like long term care insurance and financial readiness.

According to the Center for Retirement Research at Boston College, paying for possible long-term care is one of the biggest threats to many Americans' retirement plans. The center notes that long term care can cost $187 per day for a semi-private nursing home room, or about $3,000 per month for a one-bedroom unit at an assisted living facility.

The center also notes that home health aides can cost upwards of $29 an hour.

"Because the costs of long-term care insurance and other health expenditures are rising and the income system is contracting, these latest findings raise major concerns about the retirement security of baby boomers and succeeding generations," said Alicia Munnell, director of the Center, in a statement.

The center also cites statistics showing that about 48 percent of Americans are paying for long-term care insurance out of pocket, compared to only 3 percent who are paying with private insurance. Another 41 percent are paying for their care through Medicaid.

To prepare for the retirement years and ready yourself for the future, visit InsureMe.com today for affordable long term care insurance quotes.

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