Lincoln Financial Taps Versta Research for Long-Term Care Insights
June 25, 2018
Lincoln Financial Group has just released two in-depth whitepapers (The Long-Term Care Conversation Whitepaper and Women and Long-Term Care Whitepaper) and infographics (The Long-Term Care Conversation Infographic and Women and Long-Term Care Infographic) based on its recent survey of consumers and financial advisors about long-term care conducted by Versta Research.
The study found there is confusion among most Americans about long-term care, including who is at risk, the cost of long-term care, how it will be covered, and who will provide this care if needed. Only a third of people believe they will need long-term care in their lifetime, often leading to reluctance to plan appropriately. However, the Department of Health and Human Services estimates more than one in two people turning 65 will need some form of long-term care in their lifetime.
Consumers surveyed estimated the annual cost of nursing home care at $54,000, when in reality, national averages for a private room are in excess of $100,000.
Most people surveyed believe they would pay for care through Medicare or health insurance, however these options only cover very limited and specific types of long-term care. The second most cited source to pay for long-term care was personal savings and assets, yet only a third of consumers felt confident of having the financial resources to pay for long-term care.
Nearly all financial advisors surveyed said that families should discuss plans for long-term care before they actually need it, ideally around age 50. However, 93 percent of advisors said consumers are not sufficiently planning for long-term care needs. That outlook was supported by the study’s consumer findings around planning: only 52 percent of people said they have spoken with their spouse about who would provide care, 35 percent have spoken with their parents, and just 29 percent with their children. In each case, even fewer have discussed how such care would be paid for.
In addition to the two whitepapers and two infographics, Lincoln Financial has provided a full report of all source data available to the public.
About Versta Research
Versta is a firm specializing in customized market research and public opinion polling. It helps clients understand their customers, prospects, and competition with expertise and academic brainpower. And it helps clients communicate that research to managers, clients, reporters, and the audiences they need to reach.