November is LTC awareness month, which is a great time to start or continue LTC conversations with your clients.
LTC insurance has never been more in demand than it is right now. The last of the Baby Boomers will turn 60 this year and by 2030, all Baby Boomers will be 65+. A 65-year-old has a 70% chance of needing some type of LTC services during their lifetime.
OneAmerica just did a recent study with some interesting findings of consumer’s thoughts, concerns, and perceptions about LTC in their 2024 Long-Term Care Consumer Study. Here are a few of the highlights:
- Overall, 74% of Americans think they’re likely to need LTC in the future, and 64% say LTC planning is a priority- however, only 33%are confident in their current LTC plans
- 51% of Americans still plan to use personal savings to pay for LTC expenses
- 55% of respondents ages 40-49 are confident in their LTC plans
- However just 17% of people age 60+ express the same confidence in their LTC plans
- 31% of people cited a lack of information as a barrier to buying LTC insurance
- 88% of people cited that having a family member needing LTC was a catalyst driving them to get LTC insurance for themselves.
Link to study: https://www.oneamerica.com/financial-professionals/leading-tomorrow/long-term-care-consumer-study
There are many products in the LTC marketplace, so give the experts at Wholehan Marketing a call with your next LTC case!