The percentage of pre-retirees who would like to have long-term care insurance (LTCI) may be 4 times as great as the percentage of retirees who have LTCI.
The Society of Actuaries (SOA), Schaumburg, Ill., uncovered that bit of information when it commissioned the Employee Benefit Research Institute, Washington, and Mathew Greenwald & Associates Inc., Washington, to conduct a survey of retirees and pre-retirees.
Survey workers polled 800 U.S. workers and 800 U.S. retirees ages 45 to 80 for the SOA in July 2011.
The SOA found that the results of the survey, like the results of similar surveys, reflects the effects of wishful thinking and delusions of coverage.
Researchers estimate that about 10% of U.S. residents over 65 suffer from some level of dementia, for example, and that about 70% of people over age 65 will need long-term care (LTC) at some point.