A friend of mine loves to pull out this old chestnut from time to time, often when a hockey goalie makes a nice save to rob the opponent of a sure goal: “Denial is not just a river in Egypt.”
“Denial” is in fact residing in the minds of most Americans when it comes to the future probability of their needing long-term care.
According to yet another study – which backs up just about every other study I’ve ever heard on the subject, only 37% of Americans believe they will ever need long-term care. The fact is that 67% of Americans will indeed need long-term care after the age of 65 – this according to AARP’s Public Policy Institute “Long Term Care Trends.”
They don’t expect to need LTC, and therefore they don’t plan for it. Producers are partly to blame for this ignorance, according to a recent Age Wave/Harris Interactive survey, “America Talks: Protecting Our Families’ Financial Futures,” sponsored by Genworth Financial. In that survey, a whopping 91% of respondents said their financial professional has never broached the topic of how to fund potential long-term care costs.
It’s not like the general public is craving this information, as the subject is not one people feel comfortable discussing. According to the Age Wave/Harris Interactive survey, two in three people admit that fear of upsetting family members is the biggest barrier to talking about long-term care plans. This is where they need a little urging… a little push from producers.