NU Online News Service, July 2, 2:45 p.m. – The Center for Aging Research & Education, Southampton, N.Y., has completed a national survey showing that baby boomers are still unfamiliar with private long-term care insurance.
When center researchers interviewed 1,000 male and female boomers, they found that 70% of the survey participants believed they should take the most responsibility for paying for any long-term care they might need.
Only 14% said the government should take the most responsibility, and only 1% said their children should take the most responsibility.
Seventy-one percent of the participants were worried they might have trouble paying for long-term care on their own.
But only 7% of the participants had purchased long-term care insurance, only 25% knew how much LTC insurance cost, and only 24% had met advisors who recommended that they buy LTC coverage, the center researchers found.
The GE Center For Financial Learning, Richmond, Va., sponsored the study.