As baby boomers roll on toward retirement in record numbers, a new survey by MetLife Inc., New York, finds that only about a third of older Americans have a basic understanding of long term care.
“To understand long term care, people need to understand longevity,” says Joyce M. Ruddock, MetLifes vice president for long term care. To a large extent, they dont, she adds.
The study finds older Americans dont understand 2 important points about aging, she says: One is that if they live to age 65, they probably are going to live at least 18 more years; and second, they eventually are likely to need help with several activities of daily living.
Failure to grasp those crucial points may be why many Americans flunked the study, which MetLife calls its “Long-Term Care IQ Test.”
It recently gave the test online to almost 1,500 adults between 40 and 70 years of age.
Judging from the results of the test, agents and brokers selling LTC insurance may have a huge education job on their hands.
Some 63% of respondents failed the 15-question test, meaning they got 8 or fewer answers correct (see chart).