Despite a growing need for investors to start thinking about their long-term care needs, a study from Lincoln Financial Group, found that only 16% of more than 2,500 people surveyed are very familiar with the features and benefits of long-term care solutions.
Long-term-care needs usually pertain to assistance with activities of daily living, including bathing, dressing or eating. A long-term-care solution will help to pay for some of those costs.
Medical bills can accumulate putting a person’s finances in jeopardy, increasing the need for investors to save early so they have enough to pay or defray the costs of medical bills. Those concerns do not appear to impact many investors, according to the study that Philadelphia-based Lincoln released.
Advisors are not having these conversations with their clients on the topic and many do not even know what long-term care even is, the study found.