72% of affluent baby boomers believe Obamacare will cover long-term health care needs in retirement. Boy, are they in for a surprise.
Nearly three-quarters (72%) of "affluent baby boomers" believe the Affordable Care Act will pay much of their long-term heath care needs in retirement and are "not adequately planning" for long-term care costs or "not planning at all, according to data from Nationwide Insurance. . . .
The federal government covers some costs, through Medicaid and Medicare (40% and 23% for post-acute care, respectively, Heritage says), but the rest comes out of the pockets of consumers, directly or through long-term care insurance payments.
What makes this particularly sad: Nationwide says 54% of boomers would "rather die than live in a nursing home," primarily because they don't want to financial burden their families. . . .