Results of “Long Term Care Partners Survey of American Parents and Adult Children” show that both older parents and adult children recognize there is a high likelihood that adult children will be tapped to help finance their parents future LTC needs.
Nearly two-thirds (64%) of parents with children over age 34 stated in the survey that they would not want to move in with their children in their later years, should they need care.
Adult children, however, arent quite so sure. Nearly half (44%) stated they felt their parents would want to move in with them if they needed care.
And an overwhelming majority (82%) of adult children between the ages of 34 and 65 are prepared to take care of their parents day-to-day needs if they could not do so themselves.
Additionally, both recognize parents may need financial help with their long-term care needs.
Nearly one third (32%) of parents believe theyll need financial assistance from their children, while just under half (44%) of adult children expect to help their parents financially.
However, children are not advising their parents to purchase LTC insurance (only 23% would consider doing so), and only 12% of parents polled say they have purchased LTC insurance for themselves.
To do the study, Zogby International conducted two companion polls in 2002, between June 17 and June 21. In the first poll, 603 adults between the ages of 34 and 65 with at least one living parent were interviewed at random nationwide. In the second poll, 603 adults with children ages 34 and older were interviewed nationwide. Margin of sampling error for both polls is +/- 4%.
Reproduced from National Underwriter Life & Health/Financial Services Edition, October 7, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.