Genworth: Majority Do Not Have Plans for Long Term Care

Financial uncertainty deters many from considering long term care planning, according to Genworth Financial’s 2012 State of Planning Survey. 

The study shows that 58% of people ages 45-54 said they do not have plans for long term care. Citing psychological causes linked to inferiority and pride, one reason rang out among surveyed subjects: money. 

Given this startling majority, Genworth encourages Americans to overcome current fears or uncertainties and educate themselves on the options available to them. 

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Though money concerns are an inevitable part of seeking long term care, Genworth notes that the potential costs of not planning are far more expensive and worrisome than withstanding financial anxieties.  

“People often cite money restrictions as a reason to not create a plan, however, not having a basic game plan that allows loved ones to have a general understanding of your wishes could prove to have serious financial repercussions,” said Steve Zabel, senior vice president of Long Term Care Insurance at Genworth. 

For solutions, Genworth suggests having conversations with loved ones to clear the air of any anxieties or uncertainties regarding individuals’ wishes for future planning, among seeking the help of trusted long term care partners who can help address personal concerns about the future. 

Written by Jason Oliva

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  • The family with a plan to cover elder care costs is MILES ahead of the majority with no plan.  I preach this daily, but few are listening.  Most of the families I work with have a loved one already in the nursing home or likely to go soon.  While I can put together a basic elder care plan despite the five-year look-back period, they would have better options if they planned in advance.

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