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March 22, 2019 at 05:54 PM
Many older Americans have already started talking about future long-term care (LTC) needs, or intend to get around to the topic sooner or later.
Some most positively do not.
(Related: Most ‘Financially Fragile’ Need Retirement Planning Most)
Analysts at the Society of Actuaries (SOA) are heading to Chicago this weekend for the Intercompany Long Term Care Insurance Conference.
They’ll be bringing a new report based partly on telephone surveys of 202 adult children of parents ages 85 or older and 201 members of the “oldest old” age group, or people ages 85 and older. The survey participants who were 85 or older had to have less than $400,000 in financial assets.
The survey questionnaire included questions about topics such as the kinds of care the adult children’s parents and the oldest old survey participants needed, and how much care caregivers were providing.
The questionnaire also included questions about LTC planning.
SOA analysts found, for example, that 46% of the oldest old survey participants said that they had had no discussions about the type of lifestyle they wanted for the rest of their lives.
