“Genworth Survey: Consumers’ greatest fear about aging is not having enough money to pay for long term care, but few plan ahead,” Genworth Financial
“Not having enough money to pay for care is the greatest fear adults have about aging and their long term care needs, according to a recent consumer survey by Genworth, but only one in five have taken any action toward financing their long term care expenses. Furthermore, only half of the respondents said they plan to take personal financial responsibility for their own care as they age. The others said they would leave that worry to the government, their children or family, community or faith-based organizations, or had no idea who would provide their care.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Denial lives, but is it justified? Medicaid pays for most long-term care and it is much easier to get than ostensibly strict financial criteria suggest. The reality, that neither income nor assets obstruct Medicaid eligibility after care is needed for most Americans, is the real reason most people don’t worry about LTC until they need it.