The results of a survey of the residents of California have just been released, to show that while an increasing number are aware that there is a possibility that they will be required to cover certain long term care costs, such as nursing homes, as they get older, only a small percentage are willing to purchase long term care insurance.
The survey showed that when compared with the statistics from 17 years ago (when the survey was first conducted), today’s consumers are twice as likely to say that they are aware that the standard health insurance policy will not cover long term care costs. It included the participation of 950 adults
The survey was performed by Field Poll for the Department of Health Care Services program within that state, called the California Partnership for Long Term Care. The department works with insurance companies to make certain that their policies will meet various requirements for consumer protection.
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According to 52 percent of the participants, they believe that over half of the older population in the United States will require long term care at some point in their lives. When compared to the responses submitted six years ago, this number has risen by 10 percent.
However, while a notably higher number of consumers are aware that there is a possible financial problem, many are still underestimating the reality of the situation. According to the U.S. Department of Health and Human Services, 70 percent of older Americans will require some form of long term care in their lifetimes. This type of service may include assistance with eating, bathing, dressing, shopping, and other similar day-to-day tasks.