Baby boomers report placing a high value on insurance plans providing for long-term care despite the fact that many have yet to purchase that protection for themselves, according to a study recently released by a major insurance company.
The study, which explored the influence parents' long-term care experiences had on their boomer children, found that 42 percent of boomers said their own experiences coping with the financial and emotional burden inflicted by long-term care costs made them more inclined to purchase their own coverage.
While many boomers said they plan on purchasing long-term care insurance, only nine percent surveyed said they had already done so. Only 23 percent said they believed they would need long-term care in the future, widely differing from federal government reports estimating that 70 percent of individuals over 65 will require some of those services in their lifetime, according to the Life and Health Insurance Foundation.
"Health insurance and Medicare generally only cover the cost of doctor and hospital bills, where long-term care insurance pays for a wide range of services, such as nursing home or at-home care," said Deb Newman, president of Newman Long Term Care, in a press release for the Life and Health Insurance Foundation.