Transamerica surveyed its policyholders about their experiences with long-term care, their biggest concerns, and how and where they prefer to receive care, if needed.
Why it matters: As healthcare and long-term care costs increase and the demand for solutions rises with the flourishing of the “baby boom” generation, the need to plan for the possibility of long-term care becomes more important than ever.
By the numbers:
- Seventy-four percent of survey respondents believe extended care should be part of retirement planning, but only 45 percent have thought about their needs.
- Four in five survey respondents aren’t sure how they would pay for long-term care.
- Eighty percent of people who don’t have insurance indicated they would pay for LTC using retirement accounts, pensions and reverse mortgage proceeds.
Bottom line: Most people haven’t taken steps to prepare for long-term care needs, but a shift in thinking seems to happen when people reach their 50s. At any age, Transamerica says it’s important to talk to family and financial planners so that questions like “who” are resolved before care is needed. Read the full report.