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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.

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"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.
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SOURCE America's Health Insurance Plans
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