LTCAM – OneAmerica Consumer Survey Results
With only a few days until Thanksgiving, I wanted to remind you of one the largest times that LTC claims start. With families getting together to give thanks around the dinner table, families can notice some differences in their loved ones.
Also, November is National Long-Term Care Awareness Month, which is the perfect time to emphasize the importance of long-term care planning with clients.
I’m excited to share with you the results of our very own consumer market research survey. We surveyed nearly 1,000 consumers aged 40 and older about their perceptions of long-term care.
This survey captured a lot of great information, below highlights some of the stats you’ll find most useful in working with your producers:
18% – Only 18% of people have worked with a financial professional on long-term care planning strategies. Simply starting the conversation can help clients feel more comfortable discussing their concerns, which gives them the chance to present options.
79% – The percentage of people who expect either their partner or children to provide LTC care should they need it. Having family you can depend on is comforting; however, asking loved ones to become caregivers is not a decision that should be made lightly. Will they be able to take on these responsibilities in addition to their current workload? Do they even know this is the plan? Having LTC protection provides the flexibility to hire professional caregivers, allowing the family to “manage the care rather than provide the care.”
23% – When given a list of payment sources for unexpected LTC needs; and being told to select all that they thought would apply to them — only 23% of respondents selected LTC insurance.
- Personal savings was selected 63% of the time, and
- Social Security /Medicare 53% of the time
Self-funding and government programs continue to be the predominant go to strategy for offsetting unexpected health issues. To help solve this, together we can show producers how a portion of their nest egg, can create an income stream to protect the rest of the portfolio.
Here is one more number – 100%. That’s the amount of our study you now have access to.