Nearly four in 10 Americans aged 65 and older say they haven’t talked about preparing for the possible need for long-term care (LTC), according to a new survey from insurer OneAmerica. The proportion was similar to American adults overall, with 38% of respondents saying they hadn’t had conversations about the possibility of needing long-term care.
The survey asked more than 2,000 adults if they’d had conversations with a family member, spouse or partner, friend, healthcare professional, financial planner, insurance agent, attorney, clergy member, accountant or someone else about preparing for the possible necessity of long-term care. Sixty-two per cent (62%) of Americans say they have had such conversations, according to OneAmerica.
Those with annual household incomes of $100,000 or more were more likely to say they’ve had conversations about long-term care options than those with lower incomes, the survey found. But while 70% of respondents with household incomes of $100,000 or more said they’d discussed long-term care, only 15% said they’d had such conversations with a financial planner, and only 10% with an insurance agent.
Most Americans who are 65 today – 70% – will need long-term care at some point in their lives, according to the Department of Health and Human Services. For about 20% of Americans, that care will be needed for longer than five years.
“Regardless of income, it’s important to have conversations about the possibility of long-term care,” said Tracey Edgar, vice president of sales, Care Solutions, at OneAmerica. “Asset-based LTC protection is a solution that may be more within reach than people realize, especially if they’re nearing retirement and have assets to reposition. And everyone can benefit from understanding each other’s wishes and expectations for care.”
