Mom needed help with life activities – What do kids now say?Posted: April 7, 2011
A recent survey of individuals 46 to 64 of age found those whose parent needed help with day to day life activities now recognize the value of Long Term Care insurance:
+ 87% of the participants said it helps protect family members from having to pay for help.
+ 85% said it provides family members with peace of mind.
+ 84% said it means retirement savings can stay intact.
+ 70% said it helps with the ability to leave an inheritance.
However, even though the chance of needing assistance is more than 70%, individuals of this age have not purchased this special and very important kind of protection. Why? An analysis indicates perhaps they:
+ Don’t fully understand how long term care financing works.
+ Don’t understand the importance of early planning for this need.
The survey also found a majority mistakenly thought government funding would be available to pay for their needed assistance.