Workers with pretty high incomes show more interest in long-term care insurance (LTCI) than the workers with the very highest incomes do.
Analysts at Guardian Life Insurance Company of America have published data supporting that conclusion in a summary of results from a recent Internet survey of 1,667U.S. residents ages 1,667 and older who work full-time at companies with at least 5 employees.
The analysts found that workers in the $150,000 to $199,999 annual income bracket showed the most interest in LTCI products. About 49% of the workers in the income category identified “having to pay for long-term care needs of either yourself or a spouse” as an important long-term financial need.
Fewer than 40% of the workers who earn less than $75,000 per year identified long-term care (LTC) planning as an important need.
The share of workers identifying LTC planning as an important need was 44% for workers earning from $75,000 to $149,999 and 46% for workers earning $200,000 or more.
Other Guardian survey findings:
- Older boomers — workers ages 60 and older — showed much more interest in LTC planning than other workers did.
- 17% of the workers said they had LTCI coverage.
- 70% of the workers who had LTCI coverage bought it through work.
- Scan: Many high-income seniors have LTCI
- Survey: Nine in Ten Retirees Confident They Can Cover Future Health Care Costs
- Consumers to LTCI Carriers: Will You Be Here Tomorrow?