MassMutual just published a Nov19 survey of 1500 people ages 30-60 with annual income of $50K-$150K, asking them about chronic care and LTC funding.
1. 79% of consumers are “somewhat” or “very” concerned about needing LTC. Consumers greatly fear running out of money, making the cost of LTC a great worry for which they are unprepared.
2. Most (57%) have family members who needed LTC, with 17% having multiple relatives need LTC. 45% of those needs lasted longer than two years plus some current situations will last longer than 2 years.
3. Consumers age 30-40 are more likely to anticipate needing LT (49%, compared to 38% for ages 41-50 and 32% for ages 51-60). (CT: they probably can recognize it because it is not a current threat)
4. Only ¼ think they’ll need LTC for 2 years or more. (However, see #2 and past data indicates that 52% of 65-year-olds will need LTC more than a year and they average nearly 4.5 years.)
5. More affluent people were more likely to cite Medicare and Medicaid as sources to help pay for their care! (overall 34% and 20%, but among the most affluent 38% and 24%)
6. 56% were unsure how long Medicare would pay for LTC and another 12% said “as long as it is needed”.
7. Younger people, wealthier people and men are more likely to say they understand LTCi.
8. 22% say they have LTCi and 15% do not intend to purchase it. The other 63% are equally split between considering LTCi and being unsure.
9. Twice as many people are interested in buying linked-benefit, with a lot of interest in buying protection at work.
10. 91% say it is very or somewhat important to be able to stay at home if they need care and 82% are very or somewhat interested in learning more about paying for home care.
The study is on our website (or ask Claude for it).
AARP survey in fall 2019 showed that 32% of adults with living parents had given money to their parents in the past 12...