Using Annuities for Long-Term Care Planning
Insurance agents and financial institutions often advertise annuities as the perfect way to generate retirement income. While...Read more
According to a recent national study, nearly a quarter of Americans aged 50 and older say they – or a loved one – needed long-term care in 2022. The findings further suggest that seniors and their caregivers could benefit from more consumer-friendly information and guidance about long-term care services, a need researchers say will grow exponentially in the future.
Results showed that people looking for long-term care experienced a range of emotional responses in searching for a provider:
53 percent of respondents reported feeling anxious about the process \
52 percent described feeling frustration
23 percent said they were confident during the process of long-term care for themselves or their loved one
23 percent of respondents felt “at peace” about the choice they made for long-term care
Only 14 percent of respondents reported feeling happy
Researchers found that respondents want advice for seeking long-term care when it comes to the following:
A large number of respondents reported needing more information about how to pay for long-term care.
Of the people who were surveyed, 63 percent said it was extremely important to have additional details about the various types of care options available. Meanwhile, 69 percent said it was extremely important to have further details about the cost of care and their payment options.
The survey featured responses from a nationally representative sample of more than 1,000 participants with annual household incomes ranging from under $30,000 to more than $100,000. Responses were collected in November 2022.
Respondents, all aged 50 and older, were 53 percent female and 47 percent male, and represented the following regions across the United States:
NORC at the University of Chicago conducted the survey, which was commissioned by think tank Nexus Insights.
In a separate Nexus Insights report from September 2022, experts called for the creation of information hubs where seniors and their caregivers can find the resources they need to answer their questions regarding long-term care.
The report also outlined seven criteria defining these proposed navigational hubs:
To learn more about long-term care services and options, find a qualified elder law attorney in your area.