Thirty percent of boomers have less than $1,000 saved for a financial emergency, and 79 percent have no money set aside specifically for LTC. (Photo: Shutterstock)

Avoidance of unpleasant topics has almost become an art form among some people, but while some have finally brought themselves to the point of making arrangements for their estates, most are still evading the question of long-term care in retirement.

So finds the latest research from the Bankers Life Center for a Secure Retirement, which finds that 81 percent of middle-income boomers have made at least one formal preparation for when they pass away—compared with just 32 percent who have some kind of plan for how they will receive care in retirement.

Although 45 percent of boomers think they'll need LTC at some point, only 18 percent say that planning for that care is a high priority. And the disconnect is actually larger, since, according to the report, the Department of Health and Human Services finds that “someone turning 65 today has an almost 70 percent chance of needing some type of long-term care in their lifetime.”

If so, it'll be a tall order to pay for it, since 30 percent of boomers surveyed have less than $1,000 saved for a financial emergency and 79 percent have no money set aside specifically for LTC. And that's despite the fact that 74 percent are somewhat or very confident in their ability to manage their own and their spouse's healthcare costs as they age.

They also haven't a clue about what LTC can cost. Survey results indicate that 42 percent of middle-income boomers couldn't even guess what it costs to have a home health aide, and 35 percent couldn't come up with an average monthly cost of nursing home care.

Oh, and 56 percent think that Medicare will take care of it. It won't. The program doesn't pay for ongoing long-term care.

And boomers themselves think they'll start to need help via home modifications around age 70, with care in a nursing home coming at around age 84. They have no idea that it's not just a matter of installing a few bars and handrails, at a minimal cost.

“The U.S. Department of Health and Human Services estimates that boomers will face an average of $138,000 in long-term care costs over the course of their lifetime,” says Scott Goldberg, president of Bankers Life.

“These large sums can negatively impact the financial security of retirees, as well as take an emotional and financial toll on their loved ones,” Goldberg adds. “Even if pre-retirees and boomers have taken steps to build a financial plan for their retirement income, they should not consider their plans complete until they discuss retirement care. This includes their wishes for how and where they want to receive care, and how to pay for it.”

Read more: 

• Americans still woefully ignorant of long-term care
• Older Americans lack 'social capital' necessary for retirement
• The baby boomer generation is starting to retire – and no one is prepared