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.