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Long Term Care — It’s a Reality of Life

Posted By Staff Reporter, Tuesday, October 9, 2018

It happens to all of us. We age and suddenly it’s long term care time and we don’t have long term care solutions prepared. A survey from the insurer OneAmerica says the number of us not prepared is shocking.

The survey checked in with 2,000 adults and found 38% of those 65 and over haven’t even talked about preparing for long term care much less prepared for the possibility. We haven’t talked with anyone, not a spouse or partner, other family members, friends, healthcare professionals, a financial planner, an insurance agent, an attorney, member of the clergy or an accountant.

The other 62% surveyed — fortunately — did have that conversation.

People with household incomes of $100,000 or more are more likely to have the conversation than those with incomes lower than that:

  70% of those with $100,000 or more of income said they discussed long-term care

  15% say they talked with a financial planner

  Just 10% talked to an insurance agent

The Department of Health and Human Services (HHS) said 70% of us 65 and over will — at some point — need that long term care. For 20% of us — says OneAmerica’s VP of sales Tracey Edgar — that long term care will be for longer than five-years.

“Regardless of income, it’s important to have conversations about the possibility of long-term care. 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,” Edgar said.

The point? Regardless of age or income having the long term care conversation is important. If you haven’t done it, do it now. Or soon.

Source link: Insurance Business America

Tags:  insurance  long term insurance  OneAmerica  PIA Western Alliance 

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