“While it’s encouraging to see an increase in general knowledge,” says Marianne Harrison, President of John Hancock LTC insurance, “the survey results as a whole is a cause for concern because most consumers appeared to be making a long-term treatment plan by default, thinking they were going to rely on government programs, which are already showing signs of strain.”
Although most of the respondents said they thought the LTC insurance will be the best way to cover the needs of long-term care (61%), only 11 percent were reported to have bought it. More than half of those who do not purchase LTC insurance (53%) say they plan to cover the costs of LTC them by qualifying for Medicaid.