Filed Under:Health Insurance, Ltci

IRI report: confidence in meeting long-term care costs declines with age

Photo credit: Stuart Miles
Photo credit: Stuart Miles

Confidence in meeting long-term care costs declines with age, according to a new report.

The Insured Retirement Institute, Washington, D.C., published this finding in a report examines the confidence levels among boomers and GenXers. IRI commissioned Woelfel Research Inc., to conduct the survey, which polled 503 boomers ages 50-66 and 802 Americans ages 30-49.

The report finds that boomer confidence in meeting long-term care costs for themselves and for their parents is lower than for Gen-Xers. When asked whether they will have enough money to pay for long-term care costs, just 24% of boomers say so versus 28% of Gen-Xers.

However, 37% of boomers indicate they will have enough money to cover medical expenses during retirement, as compared to 34% of GenXers. The two generations about evenly split when asked whether they will have enough money to live comfortably in retirement: 36% of boomers versus 35% of Gen-Xers.

IRI find that among boomers who work with an advisor, 30% are “extremely or very confident” they will have enough money to pay for their own long-term care costs, compared with only 19% who do not work with an advisor.

The report also reveals that women, individuals with income less than $30,000 annually and those who are not married have less confidence they will meet their own long-term care expenses.

Just 24% of Gen-Xer women express confidence, versus 33% of Gen-Xer men. Among boomers, the percentages are 23% of women versus 26% of men.

By income level, 11% of boomers who earn less than $30,000 annually are confident they can meet their long-term care expenses. This compares with 19% of boomers who earn $30,000-$74,999 and 33% of boomers earning $75,000-plus.

More than a quarter (27%) of married boomers expresses confidence as opposed to 19% of single boomers. Among Gen-Xers, the percentages are 27% (married) versus 19% (not married.)

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.