EL PASO: Development of high-end senior living products and services may be increasing, but data shows four in 10 wealthy individuals still aren’t prepared for the costs of long-term care.
In the event that long-term care is ever needed, nearly one-quarter (23%) of the cohort expects to live in a luxury assisted living facility, according to the survey, which polled 640 individuals with at least $3 million in investable assets.
Not surprisingly, more than half of the survey respondents expect to age in place with care provided either by family (22%) or private home health care providers (32%).
However, amongst those who expect private health care or to live in a luxury assisting living facility, nearly 40% have not prepared for the costs of the two options…