WASHINGTON, Feb. 11 /PRNewswire-USNewswire/ -- Many members of Generation-X say they feel unprepared for long-term care and do not feel they are taking the necessary steps to prepare for their futures, according to a survey released today by America's Health Insurance Plans (AHIP). The survey, conducted by StrategyOne on behalf of AHIP, found that over half (52 percent) of respondents born between 1960 and 1980 feel somewhat or entirely unprepared for long-term care. They also place more immediate financial concerns ahead of affording long-term care, with 44 percent of respondents ranking the need to save for retirement as their first or second priority.
"As the first group of Generation-X approaches age 50, they begin to think about financial planning for retirement," said AHIP President and CEO Karen Ignagni. "Preserving their financial independence is crucial to members of this generation, and few things can wipe out a lifetime of savings as quickly as the need for long-term care. As you go through your financial planning checklist for mid-life, it is important to consider your long-term care needs when planning for the future and protecting your hard-earned assets."
When looking ahead to the future, many survey respondents correctly believe their chances of needing long-term care services are high, with 68 percent saying they feel it is likely they will need this type of care in the future. About 70 percent of adults who reach age 65 will need some type of long-term care. Yet many are unaware that long-term care insurance can protect their retirement nest eggs and other assets, with 53 percent of respondents saying they are not very or not at all knowledgeable of this coverage.
Generation-X understands the value of planning for their financial futures, but many underestimate the cost of long-term care, with half of respondents estimating the average annual nursing home stay is between $20,000 and 60,000
|SOURCE America's Health Insurance Plans|
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