Why are most people unprepared for the cost of an average long term care stay?
The average stay today is 3 years and the average cost in the Baltimore area (where I am based at, in other areas it will be different) is about $4,000 a month or $50,000 a year. Fewer than 20% of those that need long term care are able to cover the cost for just one spouse let alone both … The reality is that most people cannot save enough.
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