Appraising Long-Term Insurance
James Bailey, a World War II Army veteran, stands in the doorway of his room at the Quincy Veterans Home in Quincy, Illinois. Bailey, who lost his vision after contracting malaria fever while stationed in Africa during WWII, has lived at the home for nearly 50 years. The average yearly cost of a private nursing home room is $71,000. And yet, a study out shows that most of us haven't saved a dime for long term care. Most American don't even have a plan, according to the the survey from Genworth Financial. Medicare doesn't generally cover long term care expenses. So what are your options? Amanda Walker from Consumer Reports explains.