Millions of American consumers lack an insight about the need of long-term care insurance (LTCI) and the financing avenues for the same, revealed a recent research published by Genworth Financial.
As per the company, one of the greatest fears that older adults face is to afford self-care. Many believe that they will be looked after by their children or relatives or the government when the time comes. Some continue to live without having any idea who will provide care. The survey highlighted that only 20 percent respondents had taken adequate measures to prepare for long-term care expenses.
In an attempt to disseminate awareness about the same, every year, the month of November is observed as the Long-Term Care Awareness Month (LTCAM). The day was started by the American Association for Long-Term Care Insurance (AALTCI) in 2001. Since then, the Association has encouraged insurance agents, insurance companies and various other organizations to contribute toward educating Americans about the importance of long-term planning. According to Jesse Slome, director of AALTCI, “Long-term care insurance is just one option available to individuals and that’s why the word insurance was not included when we had the month designated. It is, however, an option too few people consider until they are too old or their health has changed and they can no longer qualify for this coverage.”
Genworth Financial surveyed 1,200 adults between July and September, 2017 and came up with the following findings:
- 62 percent of the poll respondents incorrectly defined all the facilities covered under LTCI insurance.
- Two out of three adults expected the government to cover their long-term care (LTC) costs, either partially or fully.
- 45 percent of the respondents could not differentiate Medicare from
- Only one-fifth of the adult population had taken concrete steps regarding LTC.
- Generation X is least likely to be prepared due to the fear of lacking sufficient funds.
- Millennials, on the other hand, are likely to be prepared, as they do not expect the government to cover their medical finances.
LTC awareness tools
Listed below are some of the tools that can help a user learn more about LTC and take action:
- Video and some consumer material from lifehappens.org. The video educates viewers about the importance of having an LTC awareness plan and the site also has some resources in the form of flyers and brochures.
- Genworth’s LTC Awareness resource page, which gives comprehensive information about the recent findings on cost care, tips, conversation starters, and much more.
- LTC sales idea booklet, which can provide comprehensive information to the insurance sellers as well as the buyers.
- Who will pay for care infographics gives a detailed insight into the facts and
- PPT by Genworth as an educational resource for sellers and consumers to have a meaningful discussion.
Long-term recovery management
It is important to invest in a long-term care plan as nobody is sure how life will unfold in future. This way, one can plan his or her recovery from an addiction or a mental illness because the treatment for both needs a continuing care program once a person is out of the rehab.
Sovereign Health’s Recovery Management Program assists its patients in resuming normal lives, maintaining progress throughout recovery and overcoming any chance of relapse. Our continuing care program comprises plethora of activities like chapter meetings, continuing education, community activities, continuing care process groups, and life skills courses. For more information about our recovery management programs and how you can benefit from it, call our 24/7 helpline 866-501-9425 or chat online with one of our representatives.