I do a lot of public speaking about long-term care, the risk, costs, funding options, product designs, what insurance covers, etc. Most of the groups that I meet with are trusted advisors – financial planners, CPAs and attorneys.
I always ask if they have made a plan for long-term care.
I don’t ask them to raise their hands. I’m not out to embarrass anyone. I just want to get advisors thinking about their own plans and how an unplanned long-term care event would impact those they provide for and protect.
In one recent presentation, the audience could respond anonymously via an electronic devise. Less than 5% owned long-term care insurance. Only 10% responded that they suggested exploring long-term care insurance to their clients.
That’s telling, I think. If trusted advisors are not addressing the issue, who will? No wonder less than 10% of the population age 50 and older own long-term care insurance.
But here’s what is even more stunning to me. In a national survey conducted by Age Wave, 92% of spouses surveyed said they had not discussed the three key questions concerning long-term care.
In the same survey, it was reported that 95% of parents have not had this key discussion with their adult children who are likely to be the decision-makers when parents need care!
In yet another survey, this one conducted by Genworth Financial, two-thirds of those interviewed said they were waiting for someone else to start the conversation.
Will you be the someone else that starts the conversation?
In her article about quality care, Sarah O’Brien recaps cost and care rankings from a new report by Caring.com.
To explore and compare costs of care venues where you live or where you may live in retirement, check out Genworth’s interactive website. Understanding the current and projected cost of care where you live is key in developing a plan for long-term care.