Filed Under:Annuities, Suitability

Medicare still has an LTCI image problem

Consumers still think Medicare does something that it does not actually do: Cover ongoing long-term care (LTC) costs.

A research arm of Bankers Life and Casualty Company has published new data on that misunderstanding in a report based on a Web-based survey of 1,299 U.S. residents ages 49 to 67. The survey participants had annual household income of $25,000 to $75,000.

Only 11 percent said they would expect their children to provide care or pay for care, but just 13 percent said they had private long-term care insurance (LTCI).

About 20 percent said they would depend on Medicaid -- a program for the poor that does pay for nursing home care -- to cover their LTC costs.

But 52 percent said they expect Medicare -- a program that does not normally cover the cost of nursing home care or assisted living facility care -- to pay for their care.

About 54 percent of the survey participants said they were familiar with the concept of LTCI but had not yet bought a policy. Another 34 percent said they were unfamiliar with product.

Forty percent of the participants said they had been caregivers. Acting as a caregiver increased the likelihood that a boomer had at least considered buying LTCI coverage to 24 percent, from 15 percent for the general boomer population.

See also:

Featured Video

Most Recent Videos

Behind the scenes with Vicki Gunvalson [VIDEO]


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


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

Dementia: It's more than Alzheimer's


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

Protesters Disrupt WellPoint Annual Meeting


Hecklers call for more disclosures of information about political contributions.

Related resources

More Resources


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.
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.