20 ID Trends NAILBA
LTC Trends
Source : OneAmerica ’ s LTC Consumer Planning Study prepared by Hanover Research . March 2022
Who do you trust ?
When it comes to long-term care and discussing care options , consumers cite family members as the most trusted . Yet , trusting and speaking with someone are two different things as the graph suggests .
LTC options discussion partners
Family member ( s )
57 %
73 %
Friend ( s )
Financial service professional
Insurance agent
Doctor
26 %
18 % 40 %
18 %
15 %
9 % 39 %
7 % 24 %
Would trust Spoken with
Social or senior services
Other
Would not trust / have not discussed with anyone
2 %
1 %
1 % 2 %
28 %
Paying the price
Recent survey finds that most consumers expect personal savings and / or social security or medicare will pay for long-term care . These consumer sentiments demonstrate the importance consumer education to correct the misconceptions in the market .
Expected payment method for unexpected sickness
Personal savings 63 %
Age 40-64 ( n = 510 ) [ A ]: 54 % B Age 65 + ( n = 468 ) [ B ]: 72 % A
Social Security / Medicare 53 %
Age 40-64 ( n = 510 ) [ A ]: 43 % B Age 65 + ( n = 468 ) [ B ]: 64 % A
Long-term care insurance 23 %
Medicaid 17 %
Age 40-64 ( n = 510 ) [ A ]: 23 % B Age 65 + ( n = 468 ) [ B ]: 10 % A
Other family will pay for care |
3 %
|
My children will pay for care |
2 %
|
Friend ( s ) will pay for care |
1 %
|
Other |
3 %
|
I am not sure |
12 %
|