NEW YORK: Almost one in five – 18 per cent of over-50s – expect to have to sell their home to fund their long-term care needs, according to research commissioned by an insurance company.
Research by the firm from a 2,531 sample showed that on average, savers expect they will need around $130,000 to pay for long-term care.
However, 55 per cent of over-50s have not thought about how much they will need, or do not know how much they require to pay for care.
A total of 25 per cent of those over-50s surveyed believe the government will pay for long-term care.
Just 7 per cent have taken out insurance against the risks of needing long-term care, while only 3 per cent have put aside savings for the risk…