John Hancock 2006 Long Term Care Survey

The John Hancock 2006 Long Term Care Survey findings reveal that consumer attitudes toward Long Term Care (LTC) remain largely unchanged over the past 10 years. It is a subject that is still viewed with mixed feelings. On one hand, a large majority of respondents (85%) acknowledged that LTC could significantly reduce their retirement income and assets, but on the other hand, 70% say they have done little or no planning, with the same percentage saying it is not a priority for them.

The survey was full of these types of contradictions. While fewer than half believe they will be able to rely on government programs in the future, many identified asset transfer as their strategy for qualifying for Medicaid as a possible source of funding. Others considered using their savings or home equity to pay for care, despite the fact that nearly half of all respondents acknowledged that they could only afford to pay for one year in a nursing home.

John Hancock attributes these results to people's feelings of denial when it comes to the realities of LTC and also to their lack of understanding about how LTC insurance can offer an affordable solution to the problem.

We will concentrate on this study over the next few weeks. We will analyze the issues and solutions for you. Email us with your questions as we'd love to help you.

Source: John Hancock 2006 Long Term Care Survey