“Majority of Americans believe health insurance or Medicare will pay for long-term care,” by OneAmerica, Advisor Magazine
“A recent survey conducted online by Harris Poll on behalf of OneAmerica® asked adults how they would pay for assistance with daily living due to illness or injury, either in-home or in a care facility, for an extended period of time (i.e., longer than 90 days). More than half (55%) said they’d use Medicare or health insurance, even though in most cases, neither will pay for long-term assistance with daily activities. In the survey of 2,065 U.S. adults age 18 and older1, those ages 55 and older were more likely than those ages 18-54 to say they’d pay for long-term care needs with health insurance and/or Medicare (67% vs. 47%), while those ages 18-54 were more likely than those ages 55+ to say they’d borrow money for long-term care, either from family/friends or with a credit card or loan (36% vs. 13%).””
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Sheesh! After decades of educating the public, they still think Medicare or health insurance pays for LTC? Well, it’s not as crazy as it seems. The public doesn’t know who pays for LTC, but they figure somebody must. And they’re right! Medicaid does. That’s the real problem, not the fact that the public remains confused about long-term care financing. Fix Medicaid; save it for the needy it should cover; and everyone will wise up, buy LTCI, or pay the consequences through real spend down including home equity.
Majority of Americans believe health insurance or Medicare will pay for long-term care