Baby Boomers Unprepared For Long Term Care Needs, A New Study Suggests
There is a lot of confusion surrounding preparation for long-term care needs among baby boomers, according to a study commissioned by the GE Center for Financial Learning, an Internet-based financial education resource run by GE Financial Assurance, Richmond, Va.
The study, “Secure Tomorrows Autonomy Today,” finds only 7% of baby boomers have an adequate plan in place. “The survey findings expose the tremendous amount of confusion among baby boomers about how to properly plan for long-term care needs,” says Dr. Christopher Hayes, an independent advisor of the GE Center, and co-director of the Center for Aging Research & Education, Southampton, N.Y. CARE conducted the study. “As the largest segment of the population heads toward retirement, this alarming lack of preparedness will lead to devastating consequences for our families and the nation.”
According to the STAT/CARE survey, boomers are postponing planning for long-term care needs in their old age.
Hayes indicates that high costs involved with long-term care plans, together with the lack of understanding and the lack of information available to them on the issue, stop baby boomers from preparing long-term care plans. “They understand they need to take some kind of action,” he notes. “They know they cant rely on their families or the government.” According to the survey, a majority of baby boomers (70%) believe that they need to be responsible for taking care of their own long-term care needs.