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Released to coincide with Long-Term Care Insurance Awareness Month in November, the LIFE survey asked Americans what 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. Here's how Americans responded:
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"These survey results illustrate that most people are confused about how they will pay for long-term care services, which is a scary thought considering 70 percent of Americans who reach age 65 will need such care at some point in their life," says Deb Newman, CLU, ChFC, LTCP, president of Newman Long Term Care and a LIFE Foundation Board Member. "Health insurance will not cover long-term care services and government programs like Medicare and Medicaid have many limitations. That is why it is critical for Americans to take steps to protect themselves with long-term care insurance. It is the only way to make sure you will have the financial means to afford the kind of care you'll need and prefer."
To help increase awareness of the important role of long-term care insurance, LIFE reviews some of the common misconceptions people have regarding funding sources for long-term care:
"Many factors come into play when considering long-term care insurance, which is why it's critical to work with a qualified insurance professional," says Newman. "Doing so will ensure that you purchase a policy that best fits your needs and budget."
To help people start thinking about long-term care insurance, the LIFE Foundation answers five basic coverage questions:
Survey Methodology
The LIFE Survey was conducted by Kelton Research between Oct. 28 and Nov. 3, 2009. The survey polled a nationally representative sample of 1,000 Americans, ages 18 and older, using an online questionnaire. The survey has a margin of error of +/- 3.1 percent.
About LIFE
The Life and Health Insurance Foundation for Education (LIFE) was founded in 1994 in response to the public's growing need for information and education on life, health, disability and long-term care insurance. LIFE also seeks to remind people of the important role insurance professionals perform in helping families, businesses and individuals find the insurance products that best fit their needs. To learn more about these topics, please visit www.lifehappens.org.
(1) Genworth 2009 Cost of Care Survey
Family and Friends 23% Health Insurance 20% Medicare 16% Savings 13% Social Security Benefits 11% Long-Term Care Insurance 10% Medicaid 7%
SOURCE LIFE Foundation
