Boomers Misinformed About Long-Term Care Coverage

In a recent article on MSN’s website it was brought about how one in four U.S. Baby Boomers mistakenly thinks they have coverage which will cover their future long term care expenses. Most think that such expenses are covered under the Medicare plan, and thus don’t allocate for the cost of these expenses. The article also states have only about 25% of people over age 60 even familiar with long term care insurance.
I think the blame for this should be put on the insurance companies. More information should be out there and easily accessible to the elderly population on what kind of insurance coverage they should have so that they aren’t bombarded with medical expenses when it comes to financing their long term care. There is some blame that could be allocated to the person not knowing what exactly their insurance covers, but the evidence shows that they don’t really know these long term care insurance policies even exist. More should be done to inform the Baby Boomer generation of the benefits of long term insurance so they aren’t spending and depleting nearly all of their assets so that they can qualify for government assistance. With the Baby Boomer generation retireing in the years to come having long term care insurance and not having to rely on government assistance will be more important than ever before.