A newly-released survey shows just how conflicted Americans are about long-term care insurance. And how unrealistic they are about how much long-term care costs and how much insurance they can buy for what they are willing to spend.
The survey, completed in 2014 by the consulting firm RTI International and the survey research firm GfK Research for the US Department of Health and Human Services, found that consumers prize two attributes above all others when they think about long-term care insurance: They want lifetime coverage and low premiums. Their willingness to buy any LTC insurance declines dramatically as premiums rise and the benefit period shrinks.
For instance, fewer than half of those surveyed were willing to spend more than $50-a-month for a long-term care insurance policy that covers $100-a-day for 3 years.
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