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Black Caregivers Value Long-Term Care Insurance: Nationwide

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What You Need to Know

  • Black caregivers are especially interested in LTC due to the pandemic.
  • Only 4% of the survey participants said they had talked to a financial professional about LTC costs.
  • The survey team found signs of a caregiving financial preparedness confidence gap.

Black caregivers may be more interested in long-term care (LTC) planning arrangements than other U.S. consumers, and they may be getting less professional LTC planning help.

The Nationwide Retirement Institute, an arm of Columbus, Ohio-based Nationwide Financial, has included data supporting that possibility in a summary of results from a new online survey of about 313 Black adults, ages 24 and older, who are or who have been caregivers.

About 92% of the Black caregivers told the survey team that the COVID-19 pandemic has made having long-term care insurance (LTCI) more important than ever, according to Nationwide.

About 81% of all caregivers surveyed by Nationwide have said the pandemic makes owning LTCI coverage more important than ever.

But only about 4% of the Black caregivers surveyed said they had talked to a financial professional about long-term care costs, according to Nationwide.

Nationwide found evidence that Black caregivers may be doing better at informal LTC planning; 64% of Black caregivers surveyed said they had discussed long-term care with their family. Only 41% of all caregivers Nationwide has surveyed have said they have talked about long-term care with their family.

But only 58% of Black caregivers said they feel well-prepared financially for current or potential caregiving responsibilities, compared with 77% of all caregivers surveyed, according to Nationwide.

Kristi Rodriguez, the vice president of the Nationwide Retirement Institute, said in a comment on the survey results, included in the results announcement, that the COVID-19 pandemic has increased the importance of all forms of financial planning, including long-term care planning.

“One of the greatest gifts you can give your loved ones is having a plan for when you need caregiving,” Rodriguez said.