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November 06, 2014 at 02:38 AM
Analysts at Northwestern Mutual have explored a foggy frontier: The gap that keeps people from talking about long-term care (LTC) needs, plans and funding arrangements with their relatives.
The company commissioned a survey of 2,016 U.S. residents. The survey team asked the participants about many issues related to LTC planning, including planning needs, the likelihood that they themselves will become informal caregivers, and how participants expect to pay for their own LTC needs.
But the survey data on family LTC planning communications problems might be newest and most useful for LTC planners.
One thing long-term care insurance (LTCI) and other LTC funding arrangements can do is increase the comfort and independence of the people who need the care.
But successful LTC planning may also reduce the odds that people’s relatives will have to care for them. In that situation, successful planning arrangements may be more useful to the caregivers than they are to the insureds. One challenge planners have is finding ways to help the prospective caregivers protect themselves against caregiving challenges they are unable or unwilling to handle.
See also: 8 new facts about LTC caregivers who suffer
Here’s a look at three survey findings that relate to LTC communications.
1. Many consumers say they have talked about their plans with their relatives.
The survey team found that many survey participants claim to have done a good job of planning for LTC needs and of telling relatives or other loved ones about those needs.
About 53 percent of the men and 44 percent of the women said they understand the LTC options and resources available, and 35 percent of the men and 23 percent of the women said they have addressed their LTC needs within their retirement plans.
