- Fifty-seven percent say they could not afford more than three months of in-home care. One in three say they could not afford even one month of in-home care.
- Sixty-six percent say they could not afford more than three months of nursing home care, while 42 percent say they could not afford even one month of care.
- Thirty-five percent of Republicans, 38 percent of Democrats and 26 percent of independents say they would not be able to pay for even one month of in-home personal care; 43 percent of Republicans, 48 percent of Democrats and 33 percent of independents say they could not afford even one month of nursing home care.
- Only 15 percent report having long-term care insurance.
- Just 20 percent were aware that Medicare does not cover ongoing in-home personal care; similarly, only 30 percent knew that Medicare does not cover prolonged nursing home care.
- Ninety-five percent say they prefer having affordable care options in the community in order to avoid going to a nursing home.
You can click here to read the complete findings. So what should all this mean to other Boomers? You need to ask yourself: Are you as ill-prepared as these Californians, but you stick your head in the sand? You better have a plan of action in case your health changes during retirement, which it almost certainly will. Otherwise you could end up somewhere you don’t like and be flat broke, too. Best wishes, George P.S. To understand your options, check out my book A Boomer’s Guide to Long-Term Care.