Nearly eight in 10 Americans acknowledge the increasing need for long-term care planning, yet almost half are “not sure” how they plan to address those future needs, according to a new study from life insurer Northwestern Mutual.
The study also found that a majority of people believe the cost of providing LTC services will rise faster than the return on their savings, and more than half believe that LTC costs will double in the next 14 years. Yet, less than one-third of respondents are currently saving for long-term care.
People with direct caregiving experience are more likely to take control of their own long-term care needs, according to the study.
“First-hand experience as a caregiver appears to be a reality check for many Americans,” said Steve Sperka, Northwestern Mutual vice president of long-term care. “They're more likely to recognize that deliberate planning steps early on alleviate a great deal of unnecessary stress, giving families important choices and some control in otherwise overwhelming situations.”
This survey was conducted online by Harris Interactive on behalf of Northwestern Mutual from October 11-13, 2011, among 2,194 American adults ages 18 and older.