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The Everett Herald: Editorial: Use payroll tax to set up long-term care benefit

The Everett Herald writes:

The numbers are enough to make you feel your age.

About 70 percent of Americans 65 and older will need long-term care services, such as a nursing home or in-home care. Neither Medicare nor most health insurance plans pay for long-term care. Insurance is available but is unaffordable for most, meaning that more than 90 percent of seniors are uninsured for long-term care needs.

While the median retirement savings for seniors are about $136,000, those 65 and older may face average costs of more than $260,000 over their lifetimes for long-time care. The average cost of in-home care in the state is about $56,000 a year and $96,000 annually for nursing home care.

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