Employees who have experience providing long-term care know what it means to plan ahead.
A study released by Northwestern Mutual Life Insurance Company found that nearly eight out of ten Americans acknowledge the need for long term care (LTC) planning, yet nearly half (45%) aren’t sure how to address future LTC needs, Financial Advisor Magazine reports.
However, those who have experience providing long-term care are twice as likely to discuss long term care options with family and friends (43% vs. 23%). This is because they have seen how emotionally and financially draining providing long-term care can be on loved ones.
The study also found that this group is also nearly twice as likely to have addressed the need for long term care with their own retirement plans (30% vs. 17%), and more likely to understand their options and resources available when it comes to LTC planning (56% vs. 34%).
Whether or not they had direct experience with providing care, almost two-thirds of those surveyed understood that LTC services will rise faster than the return on their savings. A recent analysis placed cost increases in the 5 – 6% range on annual basis for long-term care services except home health care.
Northwestern Mutual’s survey was conducted online by Harris Interactive from October 11-13, and comprised 2,194 American adults ages 18 and older.
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