Nearly half of Americans are or expect to soon be caregivers, but fewer than 20% are planning for their own long-term care
November 18 2022 - 11:30AM
Business Wire
During Long-Term Care Awareness Month, Lincoln
Financial Group encourages Americans to learn about long-term care
and share their long-term care preferences with their loved
ones
Nearly half of Americans surveyed (47%) are adult caregivers, or
expect to take on a caregiving role in the next three years1 — but
only 16% of Americans say they are very familiar with the features
and benefits of solutions that can help cover the cost of long-term
care, according to new research from Lincoln Financial Group (NYSE:
LNC).1 Additionally, fewer than one in five Americans have begun to
plan for their own long-term care and just one in 10 have a plan
for how to pay.2
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“November is Long-Term Care Awareness Month, and it’s a great
time for families to start an open and realistic discussion about
long-term care and their wishes, before that care is needed,” said
Heather Deichler, senior vice president and head of MoneyGuard
Business Management, Lincoln Financial. “These conversations can be
challenging — it’s difficult to talk about money, illness and
death, so many of us tend to simply avoid them. But it’s much worse
to have a situation arise, and not have any idea what your loved
one wanted.”
Lincoln is offering three tips to help Americans make the most
of these critical conversations:
Get the facts about long-term care
A recent study conducted by Lincoln Financial found that less
than 25% of those surveyed understood the features and benefits of
long-term care planning products.1
- Anyone could need long-term care support. People tend to
downplay their personal risk, often assuming others face a greater
risk of needing care. Only 33% of those surveyed think they will
need care for themselves, while 40% believe their spouse will, and
50% assume their parent will.2 However, 70% of adults who survive
to age 65 develop severe long-term care needs during their
lifetime.3
- A spouse is not long-term care insurance. More than half
of Americans surveyed (52%) say having a spouse is their long-term
care insurance.2 Unfortunately, even if a spouse agrees to be a
caregiver, this assumption does not account for situations where a
spouse is incapable of providing the level of care needed or needs
care of their own.
- Don’t underestimate the cost of care. Americans also far
underestimate the potential cost of long-term care, believing their
savings will cover their needs. Most of those surveyed, though,
guessed that a private room in a nursing home costs less than half
the realistic estimate.2 Lincoln provides access to a cost of care
map to learn the costs of Skilled Nursing Homes, Home Health Aides
and Assisted Living Facilities in your area and across the country
at www.whatcarecosts.com/lincoln. Enter sponsor code: Lincoln.
Know and share what is important as you plan for the
future
The large majority of those surveyed (94%) want their loved ones
to know their preferences for long-term care.2 Consider the
following variables as you plan for a conversation:
- Care: Let your loved ones know your preferences. Would
you like to stay in your home, live with family or move into a care
facility?
- Caregiving: While caregiving is very noble, long-term
care can involve some of the most intimate aspects of daily living,
and many feel they’re incapable of providing the care a loved one
would need. Share your expectations with your loved ones and
encourage them to share their thoughts with you.
- Health-related decisions: Designate who has authority to
discuss medications and treatment and inform your physicians.
- Finances: Let your loved ones know how you will cover
the costs of care. Also establish who will have the authority to
manage your finances, such as paying the household bills.
- Legal matters: Make sure you and your loved ones have a
living will, a current will, a durable power of attorney and a
power of attorney for healthcare.
Talk to a financial professional
Financial professionals can play a vital role in a conversation
about long-term care, and nearly all feel it is important for
families to talk about their preferences before care is needed. The
majority of financial professionals surveyed (96%) shared that
their clients who have planned for long-term care expenses feel
more confident about their financial future.2
“Financial professionals have an opportunity to assist in these
critical conversations with their clients to help them think
realistically about their needs,” said Bill Nash, senior vice
president and head of MoneyGuard distribution. “I watched my own
parents face numerous challenges providing care for my
grandparents, at a point before long-term care insurance was
well-known. Seeing first-hand how having a plan for caregiving
would have benefited my family, I strongly believe in the value of
these conversations both within families and with financial
professionals.”
With the national focus on long-term care this month, Lincoln
encourages all Americans to use the suggestions above to start
their long-term care planning today so that more people can feel
confident about their tomorrow.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help
people take charge of their financial lives with confidence and
optimism. Today, approximately 16 million customers trust our
retirement, insurance and wealth protection expertise to help
address their lifestyle, savings and income goals, and guard
against long-term care expenses. Headquartered in Radnor,
Pennsylvania, Lincoln Financial Group is the marketing name for
Lincoln National Corporation (NYSE:LNC) and its affiliates. The
company had $270 billion in end-of-period account values as of
September 30, 2022. Lincoln Financial Group is a committed
corporate citizen included on major sustainability indices
including the Dow Jones Sustainability Index North America and
FTSE4Good and ranks among Newsweek’s Most Responsible Companies.
Dedicated to diversity, equity and inclusion, we are included on
transparency benchmarking tools such as the Corporate Equality
Index, the Disability Equality Index and the Bloomberg
Gender-Equality Index. Committed to providing our employees with
flexible work arrangements, we were named to FlexJobs’ list of the
Top 100 Companies to Watch for Remote Jobs in 2022. With a long and
rich legacy of acting ethically, telling the truth and speaking up
for what is right, Lincoln was recognized as one of Ethisphere’s
2022 World’s Most Ethical Companies®. We create opportunities for
early career talent through our intern development program, which
ranks among WayUp and Yello’s annual list of Top 100 Internship
Programs. Learn more at: www.LincolnFinancial.com. Follow us on
Facebook, Twitter, LinkedIn, and Instagram. Sign up for email
alerts at http://newsroom.lfg.com.
The individuals quoted above are spokespeople for Lincoln
Financial Group.
About Cost of Care
LTCG conducts this annual cost of care study to better inform
long term care recipients, their families, insurers and agents who
represent them as they plan for future care needs or evaluate the
right policy to purchase. The 2021 LTCG Cost of Care Study examines
the range of charges made and the average cost of long-term care
services provided in the home, in an assisted living facility, in a
nursing home and in an adult day care center. Regional, state, and
national averages are included. LTCG’s annual Cost of Care Study
documents changing costs of care across all regions of the country
and provider types.
LCN-5111178-111022
1 A Special Report from Lincoln Financial Group’s Consumer
Insights Research featuring: CivicScience, Caregiving, July 2021,
Lincoln Financial, Consumer Sentiment Tracker, May 2021 and Long
Term Care Insurance Sentiment & Barriers to Purchase, October
2022. 2 VerstaResearch, “2020 LTC Marketing and Thought Leadership
Research, Findings from Surveys of Advisors and Consumers,” August
2020. http://visit.lfg.com/MG-VRST-PPT001 3 What Is the Lifetime
Risk of Needing and Receiving Long-Term Services and Supports?”
ASPE,
https://aspe.hhs.gov/reports/what-lifetime-risk-needing-receiving-long-term-services-supports.
April 2019.
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Media Joe Gardner Joseph.Gardner@lfg.com
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