John Hancock Releases 2011 Consumer Survey and Quiz Results

John Hancock Life Insurance Company conducted a survey last fall of Americans between the ages of 21-75. The survey found some shocking results:

1) 52% said it was “irresponsible” not to plan for their own long term care, but 85% of respondents said they do not have a plan for long term care
2) 70% agreed that a year in a nursing cost $30,000 (the real figure is around $85,000.00, nationally). When confronted with this, 62% responded they could likely not be able to afford a full year of nursing-level care.
3) 46% were not aware of the spend down requirements to get Medicaid benefits
4) 61% said they would prefer to pay for long term care with insurance, but 89% did not have coverage.
5) While 80% mentioned cost as a reason for being uninsured, 70% claimed to have at least $14,000 per year available to pay for care (500-750% the cost of a typical new premium).

This shows we all have a ways to go in getting the message out about long term care planning. We will work in the coming year to improve public knowledge so that everyone has the opportunity to plan ahead with current and unvarnished facts.

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About tennesseelongtermcare

Long term care is a risk we all face, regardless of age. Need may result from an accident, a serious health condition or as part of the aging process. The consequences to our physical, financial and emotional well-being can be catastrophic if we postpone planning until after the need for care arises. After all, our health is ever only as good as it is today. Long term care coverage provides a vehicle to guarantee your family an income stream and to maintain lifestyle in the event you have an extended care need. It is vital protection for your family’s personal, emotional and financial well-being. Lindsey & Associates is the Chattanooga area's premiere source for long term care insurance planning. Serving Chattanooga for nearly fifteen years, Lindsey & Associates was founded by Gail R. Lindsey, M.S., CLTC who sought to be an effective advocate for families with extended care needs after a successful career as a therapist. Lindsey & Associates is unique in that their planners are specialists in long term care insurance and approach their work from a perspective of education and advocacy, not the "bottom line". If you feel that you owe it to your family to hear all the options when it comes to your future care, we would encourage you to contact one of our LTC planners. We meet with individuals and families to find the most cost-effective way for them to age in place, at home, with the dignity and care they have earned over a lifetime of hard work.

Posted on January 24, 2012, in In the news... and tagged , , , , , , . Bookmark the permalink. Leave a comment.

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