WASHINGTON (AP) — The Obama administration's decision to pull the plug on a financially flawed long-term care insurance plan is likely to worsen a dilemma most middle-class families are totally unprepared for.
A nursing home can cost more than $200 a day and a home health aide averages $450 a week, usually part-time. Yet long-term care is one major health expense for which nearly all Americans are uninsured. Only about 3 percent of adults have their own policy, and Medicare doesn't cover it.
Families confront their financial exposure when a frail elder takes a turn for the worse, a teen is calamitously injured in a car crash or a middle-aged worker suffers a debilitating stroke.
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