Survey on Long-Term Care Planning

According to a recent survey released by Northwestern Mutual Life Insurance Company, less than half of the individuals surveyed were not sure how they would address their future long-term care needs. The study found that while only one third of those surveyed were saving for future long-term care needs, almost two thirds believed that the cost of long-term care would increase faster than the return of their savings.

An estimated 27% of women and 22% of men surveyed reported that they had caregiving experience. These individuals were almost twice as likely to have discussed long-term care options with loved ones than were those who had no caregiving experience. Additionally, the individuals with caregiving experience were more likely to understand their options and available resources concerning long-term care.

See Most Americans Don’t Prepare For Long-Term Care Planning,Survey Says, Financial Advisor, Nov. 2, 2011.

Special thanks to Jim Hillhouse(WealthCounsel) for bringing this article to my attention.