WINTER 2022 21
Heard it from a friend
The recent study suggests that consumers do not have high levels of familiarity with long-term care options . And , to learn about products and services , consumers are turning to family members and friends who have experience needing LTC .
Familiarity with LTC planning factors
7 % Not at all familiar |
28 % Slightly familiar |
40 % Moderately familiar |
17 % Very familiar |
8 % Extremely familiar |
Source of initial awareness of need for LTC planning
Family member / friend ’ s previous LTC experience ** 52 % Concern over future health issues 15 %
Read an article / heard about it on the news 13 %
** Note : Label shortened for brevity . Full response read “ Previous experience with a family member or friend who needed long-term care ”.
Recommendation from family / friend 9 % Employer shared information 5 %
Social media 1 %
Other 5 %
Finding a purpose
Consumers view LTC planning as having multiple purposes . Removing the burden from family members was the top reason , but was closely followed by avoiding devastation of one ’ s own finances , and gaining peace of mind .
Perceived primary purpose of LTC planning
Removing the burden from my family
52 %
Knowing a long-term care event will not devastate my finances or retirement planning
Peace of mind — not worrying because there is a plan in place just in case
46 %
45 %
Confidence that I will have adequate care
37 %
Other < 1 % LTC Trends continued on page 22