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Marketers at OneAmerica say they have new evidence that ignorance continues to be a barrier to use of insurance-based long-term care planning arrangements.
The Indianapolis-based company sponsored a survey of 2,065 U.S. adults ages 18 and older, and it released the results earlier this month, to support the Long-Term Care Awareness Month outreach campaign.
About 25% of the participants said they believe they have some kind of insurance that will help them pay for long-term care (LTC) services. But 13% of the participants said they have never heard of long-term care insurance (LTCI), and 9% said they don’t have any insured LTC planning products because they don’t know how to get the products.
(Related: AXA, OneAmerica Expand Long-Term Care Hybrid Efforts)
About 53% of the survey participants said they have heard of the concept of long-term care insurance but believe it’s too expensive.
OneAmerica says one way to reach consumers may be to offer them life insurance and annuity products that offer long-term care benefits.
In the past, advocates for stand-alone LTCI products argued that stand-alone LTCI was better partly because the purchasers could pay for the policies over time, rather than sending an issuer one large single premium payment.
Issuers of life-LTC hybrids and annuity-LTC hybrids can now counter that objection by offering the purchasers multi-pay premium options, OneAmerica says.
—Read ‘Financial Caregiving’ Is Widespread and Expensive on ThinkAdvisor.
— Connect with ThinkAdvisor Life/Health on Facebook and Twitter.
Stand-alone long-term care insurance accounted for only about 5.3% of the 2016 LTC product market.
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