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Senior couple look over insurance plans together
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Most Americans will need long-term care as they age, but a recent survey shows very few people are clear on what they’ll need to cover the expenses related to this kind of support.

A study from insurance company Nationwide and trade group LIMRA shows that among the roughly 1,400 respondents surveyed, many didn’t seem clear on the meaning of long-term care insurance. While 18% of respondents said they believed they had a policy, 15% of self-reported policy owners subsequently said they were unsure whether they had coverage after being shown a definition of long-term care.

In fact, more than half of respondents who were unsure about their coverage acknowledged that they may have mistaken long-term care insurance for long-term disability insurance, and almost 30% said they confused it with health insurance.

Overall, those who reported owning a policy scored an average of 59% on a knowledge test about long-term care insurance. As life expectancies increase and the population of older Americans expands, this lack of information and preparation concerning long-term care may lead to more than just financial consequences for aging people in need of support.