Friends and Family Will Be Tapped for Long Term Care

WASHINGTON — More than 1/3 of U.S. residents contacted indicated they would turn to family and friends for long term care, a
new survey shows.

That is the feeling, should the situation arise, among 39 percent of the 1,025 adults polled by the Life and Health Insurance Foundation for Education. However statistics reveal that nearly one in two will enter a nursing facility at some point.

Relatively few interviewees said they plan to rely on insurance OR private savings. “It’s a train wreck waiting to happen for this generation,” says Clay Cotton of www.PrepSmart.com.

Deb Newman, a LIFE Foundation board member, says the survey shows that many people have no plan at all when it comes to long term care.

Most respondents said they expected to help finance long term care with Social Security and savings, yet they admitted little knowledge of care costs and the likelihood of needing care.

Cotton suggests looking into insurance coverage as soon as possible through the online Buyer’s Advocate Alliance.

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