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).
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