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.