LTC Awareness Month Finds Americans Still in Dark about Long... (rally have to spend almost all of their ...)

LTC Awareness Month Finds Americans Still in Dark about Long-Term Care

Date:11/13/2009

rally have to spend almost all of their assets to get Medicaid benefits for care, they held a number of misconceptions about what the programs actually cover:

Roughly 45 percent (44.6%) incorrectly thought Medicare is the primary funding source for most seniors' LTC
Almost 45 percent (42.4%) incorrectly thought Medicare covers nursing home expenses for individuals with Alzheimer's disease
A little more than one-third (37.9%) incorrectly thought Medicaid covers LTC at home, when in most states it only covers care in a nursing home

"It is important for all of us to know the requirements and limitations and of Medicare and Medicaid," said Harrison. "While these programs do provide some long-term care benefits, they do not represent a safety net that all of us can depend on."

In addition, the results highlight the difficulty that many would have if forced to self-fund a long-term care event. Nearly 70 percent (69.2%) of respondents said they'd only be able to pay between $1,000 and $14,000 out-of-pocket annually for care, which is a fraction of the average annual cost of a nursing home and less than half of the $35,000 annual cost of care in an assisted living facility.

When asked about long-term care insurance, about 85 percent (84.6%) of respondents said they did not have it. Of greater concern was that more than half of those respondents either didn't know when they would plan (36%) or didn't plan on having a plan (15.7%). Nearly twenty percent (18.3%) said they were more likely to look into long-term care insurance as a result of the recession, though slightly more than a third (37.7%) said they'd be less likely.

Harrison noted that John Hancock has paid over $2 billion dollars in LTC insurance claims.(1) "We have seen the positive impact that LTC insurance has had on the lives of our claimants and their family members, by protecting their savings and giving them more choices a
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SOURCE John Hancock
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