Filed Under:Health Insurance, Ltci

EBRI: LTC Funding Bravado Persists

Worker confidence in having enough money to pay for long-term care (LTC) expenses in retirement seems to be rising and falling along with the overall health of the economy.

The U.S. economy seemed a little stronger in 2011 than in 2010, and a little weaker earlier this year than around the same time last year. LTC confidence levels have been moving roughly in sync with overall economic confidence levels.

Analysts at the Employee Benefit Research Institute (EBRI), Washington, have published LTC funding confidence data in their latest annual retirement confidence survey report.

EBRI conducts the survey together with Mathew Greenwald & Associates Inc., Washington, and support from many organizations with an interest in aging, including more than a dozen life insurers, benefits consulting firms, and financial services companies that have life underwriting or sales operations.

For the latest survey, the survey team polled 1,262 U.S. adults over the telephone in January. The sample included 1,003 workers and 259 retirees. All participants were ages 25 and older.

Only 9% of the workers surveyed said they were very confident that they would have enough money to pay for LTC expenses in retirement. The percentage was unchanged from last year, and the level of firm LTC funding confidence is at the lowest level that it has been since 1998.

But 37% of the workers said they were still very or somewhat confident about having enough money to pay for LTC in retirement, down from 39% in 2011 but unchanged from 37% in 2010.

More than a third of the workers said they were confident about their ability to cover LTC costs even though only about 10% have LTC insurance and only 31% said they have more than $50,000 in total savings and investments.

The percentage with more than $50,000 in savings and investments was down from 33% in 2010 and 2011 and down from from 36% in 2009.

 

Featured Video

Most Recent Videos

Behind the scenes with Vicki Gunvalson [VIDEO]

Provided by LIFEHEALTHPRO

In this exclusive interview, Vicki Gunvalson shares how she built a $15 million a year annuity business by planning for...

Regulator: Market may need to reinvent LTCI

Provided by LIFEHEALTHPRO

Cioppa says Maine's governor wants to spur the creation of better products.

Dementia: It's more than Alzheimer's

Provided by LIFEHEALTHPRO

An association calls for policymakers to remember lesser-known neurodegenerative conditions.

Protesters Disrupt WellPoint Annual Meeting

Provided by LIFEHEALTHPRO

Hecklers call for more disclosures of information about political contributions.

Related resources

More Resources

Comments

Power your business with up-to-the-minute insurance news, analysis, and best practices from LifeHealthPro Daily eNewsletter – FREE.

Power your business with LifeHealthPro Daily eNewsletter – FREE.

Enter a valid email address.
Close
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.