Full-time nursing home care averages $69,000 to $78,000 per year or 8 hours per day of home health care can cost $43,000 to $70,000 annually.

Almost one in four of those surveyed say they will rely on family and friends to help pay for long-term care costs. Others mistakenly believe their health insurance coverage or Medicare will help pay their costs.

Results of a new LIFE Foundation survey: What Americans say they would rely on most to help pay for long-term care services if they found themselves in need of assistance with the basic tasks of daily living, such as bathing, eating and dressing.

Read more at Medical News Today

Visit the LIFE Foundation website

Are you retired or thinking about retirement?

Ask yourself, “Will my loved ones suffer a financial loss if I die tomorrow?”

A “no” answer usually suggests that there is no need for life insurance, but Forbes.com recommends that you think twice before giving up your policy.

Are you thinking about purchasing a life insurance policy? Here are five different personal uses for life insurance to consider.

1. Survivor protection – This is probably the most common use for life insurance. In addition to other needs, life insurance provides the money needed for both funeral and living expenses (i.e. income replacement).
2. Estate creation – You can create an estate with relatively little money in the event of a premature death.
3. Cash accumulation – Cash accumulation typically begins in year 3 and can become significant over time.
4. Liquidity – Cash loans can be obtained by using the policy as collateral (assuming it has cash value).
5. Estate conversion – Life insurance can help offset the costs of federal or state estate taxes.