Americans Don’t Understand Long-Term Care Insurance
November 6th, 2009
NEWARK, NJ – (BUSINESS WIRE) – An American workforce is aging more and more concerned with the needs of long-term care and benefits offered by employers, according to a report released by Prudential Financial, Inc. (NYSE : PRU – News).
But the study of Prudential Long Term Care Insurance, shows only a small number of employees understand the benefits of insurance long term care, with only about one quarter of workers intend to use to finance insurance costs long term care.
“As baby boomers thinking about life after 60 years, they grasp the implications of longer life, post-retirement finances and lifestyles and the costs of nursing,” said Lori High, President activities of Prudential Insurance Group. “Consequently, workers are more aware of their own future long term care needs and impact on their lifestyle in retirement.”
Those with care to leave the place more value on experience benefits including insurance long term care, because they saw how inadequate insurance coverage can drain resources. Unfortunately, there remains a gap between recognition and action to provide an adequate solution by buying care insurance long term, according to High.
Consider these findings:
Three in 10 workers said they did not plan or do not expect to need the services of long-term care for themselves or their spouse.
Among those who have a plan, their expectations May not be realistic given the rising costs of long-term care. The most common sources of funding cited for long-term care have been 401 (k) or retirement savings, followed by Medicare.
The education gap is higher for women. Women tend to give more care and have more experience with care giving, but they are less likely to have a plan for their own long-term care needs compared to men.
Prudential’s Long Term Care Insurance was conducted in conjunction with the sponsorship of the Society of Long Term Care Insurance Month. Held every November, Long Term Care Insurance Month is an industry-wide effort coordinated by the American Association non-profit for Long-Term Care Insurance in response to growing concerns about the high number of Americans who n longer have sufficient long-term care insurance coverage.
“Americans recognize the importance of every dollar spent on benefits – both employers and their employees – and are looking for the best coverage money can buy,” said top.
Long Term Care Insurance, the third in a series of five reports, stems wide study of company employee benefits: 2009 and Beyond report responded via the Internet during April and May 2009. It consists of three separate surveys: one among benefits plan sponsors, plan members among the advantages, and among employee benefit brokers and consultants. The surveys were conducted for Prudential by the Center for Strategy Research, Inc., Boston-based independent research company market. Click here for a copy of Long Term Care Insurance.
Prudential Group Insurance business manufactures and distributes a full range of group life, long term disability group in the short term, long term care, and corporate and trust-owned life insurance in the United States U.S. to institutional clients primarily for use in connection with the employee and the benefits of membership plans. Group Insurance also sells accidental death and dismemberment and other collateral and plan administrative services in connection with its insurance coverages.
Prudential Financial, Inc. (NYSE: PRU – News), a financial services leader with approximately $ 580 billion of assets under management at June 30, 2009, has operations in the United States, Asia, Europe and America America. Leveraging its heritage of life insurance and expertise in asset management, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their heritage. The company well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential companies offer a variety of products and services including life insurance, annuities, services related to retirement, mutual funds, investment management and real estate. For more information, please visit http://www.news.prudential.com/.
Group insurance benefits are issued by The Prudential Insurance Company of America, Newark, NJ. Prudential and the Rock logo are service marks of The Prudential Insurance Company of America.
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Categories: Insurance Headlines, Life Insurance | Tags: Life Insurance
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