More than half of Americans—55 percent —mistakenly believe health insurance or Medicare will pay for assistance with daily living due to illness or injury for an extended period of time.
A recent survey conducted online by Harris Poll on behalf of OneAmerica asked adults how they would pay for assistance with daily living due to illness or injury, either in-home or in a care facility, for an extended period of time (i.e., longer than 90 days). More than half (55 percent) said they’d use Medicare or health insurance, even though, in most cases, neither will pay for long term assistance with daily activities.
In the survey of 2,065 U.S. adults age 18 and older,1 those ages 55 and older were more likely than those ages 18-54 to say they’d pay for long term care needs with health insurance and/or Medicare (67 percent vs. 47 percent), while those ages 18-54 were more likely than those ages 55+ to say they’d borrow money for long term care, either from family/friends or with a credit card or loan (36 percent vs. 13 percent).
“The results show more education is needed about preparing for the possibility of significant long term care expenses,” said Chris Coudret, vice president and chief distribution officer, Care Solutions at OneAmerica.
“Most people may realize they will probably need some level of care as they age, whether it’s help in their homes or full-time care in a facility,” Coudret said. “But these results show that most people probably don’t realize how those expenses can affect the plans they’re making for retirement.”
OneAmerica has asset-based long term care solutions which can help protect retirement income from the drain of unexpected expenses. With asset-based long term care protection premiums are guaranteed and policies come with a return-of-premium guarantee in case of cancellation.
For more information and scenarios about how long-term care protection can help protect assets, download “Planning for Every Possibility” at www.oneamerica.com/ltcstudies.
A national leader in the insurance and financial services marketplace for 140 years, the companies of OneAmerica help customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to our customers. To learn more about products, services and the companies of OneAmerica, visit www.OneAmerica.com/companies.
1. This survey was conducted online within the United States by Harris Poll on behalf of OneAmerica Financial Partners from August 17-21, 2017, among 2,065 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact firstname.lastname@example.org.
OneAmerica® is the marketing name for the companies of OneAmerica. Products issued and underwritten by The State Life Insurance Company® (State Life), Indianapolis, IN, a OneAmerica company that offers the Care Solutions product suite. All guarantees are subject to the claims paying ability of State Life.