Education is Needed for Long-Term Care Insurance

No one likes to think about relying on long-term care. But the reality is that any person could fall victim to a disability or need chronic care because of aging.

New research from Mintel (Chicago), a leading global supplier of consumer, product and media intelligence suggests that many Americans are not prepared for these possibilities.

In a new report, Mintel found that less than 60% of adults are familiar with long-term care insurance. Furthermore, three-quarters (74%) do not currently have any type of long-term care coverage. Almost one in five state they don’t know why they haven’t purchased a long-term care policy or that they “don’t know anything about it.”

Overall Americans are not educated and lack the understanding that the benefits and value long-term care insurance policies offer. Many people either don’t want to confront the issue of aging or they view long-term care insurance as too expensive and unnecessary.

Mintel’s consumer survey found that cost is the primary reason people don’t purchase long-term care insurance. Forty-two percent of survey respondents said they haven’t purchased it because “it is too expensive.” Other common deterrents include the belief they won’t ever need long-term care (17%) or that its costs will be covered by Medicare or Medicaid (15%). Finally, 13% of respondents say they would like to purchase it but they just haven’t gotten around to it yet.

It is important to educate the public about long-term care insurance’s value,” says Dane Petchul, Long-Term Care Specialist. Education is the first step with a client in determining whether Long-Term Care insurance is necessary for their own Long-Term Care plan.

Over two-thirds of the people surveyed who had long-term care insurance purchased policies because they didn’t want to burden others with their care. Another reason given by consumers is the preservation of assets which helps preserve their lifestyle in retirement.

Consumer education can be done from the convenience of one’s own home or office. It can be done over the telephone and internet with web screen-sharing. It is only with education that the consumer can make an informed decision in regards to his Long-Term care plan.

Stop procrastinating and get the Long-Term care information that will save you and your family from the rigors of planning for long-term care well before an event may occur.