Three-quarters of Americans don’t have long-term care (LTC) insurance, according to new data. Of those, more than half (53%) say that LTC insurance is too expensive.
A study conducted by Harris Poll for insurance and financial services company OneAmerica asked more than 2,000 adults whether they had LTC insurance, and if not, why they didn’t. While 53% said it was too expensive, 25% said they didn’t want to pay for something they might never need.
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In reality, OneAmerica said, nearly 70% of Americans aged 65 and older will need some kind of help with daily living as they age.
“Especially with asset-based LTC protection, many people preparing for retirement find they can reposition assets they already have to gain LTC protection,” said Chris Coudret, vice president and chief distribution officer for care solutions at OneAmerica. “Others find that a multi-pay premium option with guaranteed premiums and benefits fits well into their existing retirement strategy. November is Long-Term Care Awareness Month, and we want to spread the word that LTC protection – even protection including lifetime benefits – is still within reach for many Americans.”
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