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AGING AMERICA: Long-term care costs can bankrupt an average family, yet few carry insurance
WASHINGTON (AP) ' The Obama administration's decision to pull the plug on a flawed long-term care insurance plan called the CLASS Act is likely to worsen a financial dilemma middle-class families are unprepared for.
Long-term care in a nursing home can cost more than $200 a day and hiring a part-time home health aide averages $450 a week. Medicare doesn't cover it and only about 3 percent of adults have their own policy.
It's the one major health expense for which nearly all Americans are uninsured.
It could be a decade or longer before politicians seriously engage the issue again, and by then the retirement of the Baby Boomers will be in full swing.
Bill Novelli, former CEO of AARP, says people are in total denial about long-term care.