“COVID-19 pandemic encourages consumers to plan for long-term care: survey,” by Kimberly Bonvissuto, McKnight’s Senior Living

 

Quote:

“The COVID-19 pandemic served as a wake-up call to Americans about their mortality, inspiring three out of four adults to make changes for a better future — including saving to pay for future long-term care in the setting of their choice, according to a new Genworth Financial survey. Genworth’s COVID-19 Consumer Sentiment Survey of 1,000 adults aged 18 or more years from across the country looked at the effects of COVID-19 on Americans’ lives and what they think about long-term care and financial security. … “They are asking themselves, ‘What if I or my loved ones got sick and needed long-term care? Where would I want to receive that care and how would I pay for it?’” [Genworth vice president of marketing] Luvera said. “In spite of the disruption in their lives, what’s encouraging to see is their determination to turn this pandemic experience into positive change, and we want to do our part by helping them plan for a more secure, worry-free future.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

What’s less encouraging is that only “32% said they are making sure they are financially prepared to pay for future long-term care in the setting of their choice.” Still, this reawakening to the need for LTC planning is a valuable hook for producers to connect consumers with LTC insurance options.