One in four Baby Boomers incorrectly thinks they have coverage for long-term care expenses, according to survey results from American’s Health Insurance Plans.
The survey found that many Baby Boomers have misconceptions about who pays for long-term care services.
If you are still unclear on all this, Medicare does not pay for long-term care. Medicaid does, but only for those who are poor or who have spent down their assets.
“This should be a wake-up call to Baby Boomers. They aren’t factoring expenses for long-term care into their retirement planning and are missing an opportunity to protect themselves,” Karen Ignagni, president and CEO of the insurance group, said in press release.
Spoken like a true insurance industry representative, but she nonetheless makes a good point.
The survey also found:
-Even among Baby Boomers nearing or at age 60, only one in four feels “very familiar” with long-term care insurance.
-Thirty-percent of Baby Boomers think they have coverage for long-term care expenses. Most likely do not.
-Fifty-four percent of Baby Boomers think Medicare will pay for long-term care.
Now, I realize these surveys are often commissioned by insurance companies that have a vested interest in selling policies. I also know firsthand that long-term care insurance is laughably expensive for a person my age — my only point of comparison. Maybe it will be a better value when I near retirement.
Just for the record: I’m not interested in buying insurance. Call me in 30 years or so.
Jeff Raymond, Medical Writer