Navigation Links
New Survey Finds One in Four Baby Boomers Erroneously Believe They Have Coverage for Long-Term Care Expenses
Date:11/5/2007

AHIP urges grassroots action during Long-Term Care Awareness Week

WASHINGTON, Nov. 5 /PRNewswire-USNewswire/ -- One in four Baby Boomers erroneously believe they have coverage for long-term care expenses, according to new survey data released today by America's Health Insurance Plans (AHIP). The survey found that many Baby Boomers have misconceptions about who pays for long-term care services and have not thought about long-term care insurance.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040830/AHIPLOGO )

"This should be a wake-up call to Baby Boomers. They aren't factoring expenses for long-term care into their retirement planning and are missing an opportunity to protect themselves," said Karen Ignagni, President and CEO of AHIP.

The data are preliminary findings from ongoing survey and focus group research examining Baby Boomers' awareness of long-term care insurance, conducted for AHIP by StrategyOne. Specifically, the survey found:

-- Most Baby Boomers have not focused on planning for long-term care expenses. The new survey shows that even among Baby Boomers nearing or at the age of 60 -- when concerns about the potential impact of long-term care on retirement savings might be most prominent in their minds -- only one in four say they are "very familiar" with long-term care insurance. In addition, 41 percent say they have not had any discussions about long-term care in the past twelve months.

-- Many Baby Boomers erroneously believe they have coverage for long-term care expenses. The survey found that 30 percent of Baby Boomers think they have long-term care coverage, but according to the National Association of Insurance Commissioners, only about 5.2 million Americans have long-term care insurance. Even if all those covered were Baby Boomers, which they are not, that would only account for 6.6 percent of the Baby Boomer population. This means that one in four (25 percent) Baby Boomers erroneously think they are covered for long-term care expenses.

-- Majorities or near-majorities of Baby Boomers think Medicare or "other health insurance" will pay for long-term care. The new survey shows 54 percent of Baby Boomers think Medicare will pay for long-term care services. Forty-four percent believe "other health insurance" will pay. Even half of those who say they have long-term care insurance believe Medicare will pay for the care. Medicare does not, in fact, cover long-term care indefinitely. Medicaid will cover these services, but only after requiring individuals to spend down nearly all of their assets to qualify for assistance.

"Baby Boomers believe they have more coverage than they actually do, giving them a false feeling of financial preparedness to handle long-term care costs," said Robert Moran, Senior Vice President of StrategyOne.

The release of the data coincides with the start of Long-Term Care Awareness Week, a national effort to promote the value of long-term care insurance and highlight its importance as a key aspect of financial planning and health security.

To enhance these efforts, AHIP is urging grassroots action to educate consumers and policymakers about the importance of long-term care coverage. The Long-Term Care Champions Network is a national grassroots organization comprised of more than 5,000 members, including policyholders, their family members, caregivers, health care professionals, agents and concerned citizens with an interest in long-term care issues.

Throughout the week, LTC Champions are encouraged to recruit family members, caregivers, and/or clients to join the network; contact their Member of Congress and urge them to support legislation that would make long-term care insurance more accessible and affordable, including legislation to allow employers to offer long-term care insurance through a cafeteria plan or flexible spending arrangement; and to write and submit a letter-to-the editor to their local paper to share how long-term care coverage is working for them.

To learn more about the Long-Term Care Champions Network, visit the website at http://www.ltcchampions.org/.

To learn more about the survey data, click here: http://www.ahip.org/content/default.aspx?docid=21352.

AHIP is the national trade association representing nearly 1,300 member companies providing health insurance coverage to more than 200 million Americans.


'/>"/>
SOURCE America's Health Insurance Plans
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. Survey reveals disparities in skin cancer knowledge, protection among high school students
2. New Survey Shows Americans are Still Concerned About Food Safety, Yet Still Not Smart About What They Like to Eat
3. One of the Largest Post-WHI Physician Surveys Shows More Education is Needed: Patient Misinformation About Hormone Therapy Remains High
4. Hospitals Could Improve Outcomes for Patients and Save Millions According to Hill-Rom 10th Annual Pressure Ulcer Survey
5. Youth Drug Use at a Five Year Low, New Survey Shows
6. Survey From The Partnership and MetLife Foundation Reveals Important Role Todays Grandparents Play in Teens Lives
7. Parental surveys boost diagnosis abilities of pediatricians
8. National Survey Shows Employee Fears About Consumer-Driven Health Plans on Decline
9. JHA Releases 2007 U.S. Group Disability Mid-Year Market Survey Results
10. PA Health Department Survey Shows Impact of Income, Gender, Other Factors on Health and Access to Health Care
11. Launch of second European Cancer Research Funding survey
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/11/2016)... ... February 11, 2016 , ... According to an article published February ... loss dietary supplement, is being recalled due to the discovery that it contains dangerous ... not a single supplement on the market proven to help people safety lose excess ...
(Date:2/11/2016)... , ... February 11, 2016 , ... Registered nurses, licensed ... CEU seminar titled, “Stroke Management: Time to Act, Time to Heal” on Thursday, February ... in Whippany, N.J. The presenter is Vishal Chedda, president of ANSA Consultants, who will ...
(Date:2/11/2016)... (PRWEB) , ... February 12, 2016 , ... The ... is up from 0.416 in 2013. The SJR uses data taken from the Scopus ... account both the number of citations received by the journal over a three year ...
(Date:2/11/2016)... ... 11, 2016 , ... The Chartis Group, a national advisory ... in the “2015/2016 Best in KLAS: Software and Services” report in two categories: ... and insights firm on a global mission to improve healthcare delivery by amplifying ...
(Date:2/11/2016)... ... February 11, 2016 , ... Thermi™, a world leader ... to announce the promotions of Allison Kelly to executive vice president of the ... vice president of North American capital sales, and Wendy Oseas to vice president ...
Breaking Medicine News(10 mins):
(Date:2/11/2016)... 2016  MiMedx Group, Inc. (NASDAQ: MDXG ), ... and other birth tissues, human skin and bone, and ... advanced products and therapies, announced today that it will ... Conference in New York , NY.  ... J. Senken , Chief Financial Officer and Chris ...
(Date:2/11/2016)... 11, 2016  AfterPill.com is reporting that this week,s ... for all women who are at risk of unintended ... year and raises the risks of unprotected sex in ... According to the Guttmacher Institute, there are 43 ... child-bearing age, who have sex without the intention of ...
(Date:2/11/2016)... Wearable posture tracker, ALEX , has taken Kickstarter by storm, crowdfunding over $60,000 – or 120% ... ALEX is said to be delivered to backers starting May of this year. ... ... ... Created by NAMU, a team of biomedical engineers out ...
Breaking Medicine Technology: