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Generation-X Feels Unprepared for Long-Term Care Costs and the Future, Survey Finds
Date:2/11/2009

per year, when the national average cost of one year in a nursing home is over $75,000.(1) This misconception leaves them unaware that long-term care planning is an essential part of their financial planning. Their overestimation of the cost of long-term care insurance can also keep this generation from looking into this financial protection.

Nearly 60 percent mistakenly believe their current policies provide coverage or they do not know if they are already covered. Long-term care insurance provides coverage for long-term care, and it also preserves the independence so highly valued by Generation-X, as it allows the beneficiary to choose the setting in which care is received.

The current economic downturn has only worsened their financial situations, with 57 percent of respondents stating they have been negatively affected by the economic downturn. Of those affected by the economy, 51 percent say they have been forced to stop planning for their long-term care, and another 33 percent are spending less time planning for long-term care.

In order to finance their long-term care, 36 percent say they would rely on government assistance, such as Medicaid, to provide for long-term care. While Medicaid often provides coverage for long-term care services to qualifying low-income Americans, many people have to spend down their savings to the point of poverty in order to quality for this assistance. Others say they would use their retirement savings (26 percent), sell their assets (24 percent), rely on other insurance products (22 percent), or rely on family and friends (13 percent).

More information about this survey is available at www.MyLifeMyFamily.com. This consumer-friendly website provides consumers with basic information about long-term care insurance, including videos that feature real-life stories from current policyholders, an interactive
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SOURCE America's Health Insurance Plans
Copyright©2009 PR Newswire.
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