Most Americans don’t have long-term care insurance

November 24, 2017

Fully 75% of  2,065 adult Americans recently contacted by Harris Poll on behalf of OneAmerica Financial Partners say they have not purchased a long-term care (LTC) insurance plan.

Of those respondents who said they cannot afford the price of the insurance, nearly half (49%) are Americans who claim to have annual household incomes of $75,000 or more.

Others said, “I don’t want to pay for something I may never need” (25%); “I’ve never heard of it” (13%),;”I’ve heard negative things about it” (9%); or “I don’t know how to get it” (9%).

However, for those who are hoping that they will never need the insurance, this may not be an accurate assessment:  Roughly 70% of Americans ages 65 and older will need some kind of help with the activities of daily living as they age, OneAmerica’s research has found.

“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, Care Solutions, at OneAmerica. “Others find that a multi-pay premium option with guaranteed premiums and benefits fits well into their existing retirement strategy.

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