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Parents Leave Kids In Dark About LTC Arrangements

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NU Online News Service, July 19, 2004, 6:54 p.m. EDT

Many adult children of older U.S. residents have no idea what their parents are doing about long term care insurance.[@@]

Bankers Life and Casualty Company, Chicago, has published data supporting that conclusion in a report on a recent survey of U.S. parents ages 56 to 80 and of U.S. adults ages 35 to 55 who have at least one living parent.

Researchers hired by Bankers Life, a unit of Conseco Inc., Carmel, Ind., have found that 42% of the adult children believe their parents have some sort of LTC plan in place.

In reality, only 31% of the parents surveyed said they have LTC insurance, and other studies have shown that fewer than 10% of older U.S. residents actually have true LTC insurance, Bankers Life says.