Long-Term Care Insurance and Baby Boomers

Erroneously one in 4 baby boomers believe they have coverage for long-term care expenses, according to new survey data released by America's Health Insurance Plans (AHIP). The survey also found that many baby boomers have misconceptions about who pays for long-term care services, and they have not thought about purchasing long-term care insurance.

They aren't taking into consideration in their retirement planning the expenses needed for long-term care. They may be missing the opportunity to protect themselves, their families and their legacy.

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 1 in 4 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 12 months. Thirty percent of baby boomers thhink they have long-term care coverage, but according to the National Association of insurance Commissioners, only about 5.2 million American own such coverage. Even if all thos covered were baby boomers, which they are not, that would only account for 6.6 percent of the baby boomer population. This means that 25 percent of baby boomers erroneously think they are covered for long-term care expenses.

The majority of baby boomers think Medicare or other health insurance will pay for their long-term care. the survey shows that 54 percent of baby boomers think Medicare will pay for their long-term care services. Forty-four percent believe that other health insurance will pay. Even half of those who say they have long-term care insurance believe Medicare will pay for care.

Simplify your Long-Term care Planning with a Long-Term Care Specialist

A private telephone interview will have you compare Long-Term Care Insurance Quotes and Plans from you own PC.